• India CSR Awards 2025
  • Guest Posts
Wednesday, July 9, 2025
  • Login
India CSR
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
India CSR
No Result
View All Result
Home Finance

How Much Does Life Insurance Cost?

India CSR by India CSR
December 22, 2021
in Finance
Reading Time: 6 mins read
How Much Does Life Insurance Cost?
414
VIEWS
Share Share Share Share

Introduction

Ramesh, aged 25 years, purchased a term plan for Rs.1 crore for Rs.490/- per month. On the other hand, at age 35 years, Rahul purchased the same plan for more than Rs.1000/- per month. The difference in the premium payment is because of the varying age brackets in which the two individuals fall. Therefore, different factors affect the life insurance premium.

In common, individuals do not understand the life insurance premium cost and think that the cost of life insurance depends only on the sum assured. If the concept and computation of life insurance cost are unclear to you, let us discuss it in detail.

What is life insurance?

Life insurance is a policy contract issued by any insurance company per the regulations levied by IRDA, the regulatory body. Most life insurance policies also protect the life insured for deaths and provide investment options. When life insurance benefits are enormous, don’t you wish to explore them thoroughly.

Let us find out how a life insurance policy helps? First, you must be aware of the facts as you pay a premium for every life insurance product.

How does life insurance help?

A life insurance policy will help you at the most crucial time of life when you expect the least. The insurance policy is for the family’s financial security when the life insured passes away. For example, suppose Pramod purchases a term life insurance policy for Rs.1 crore. After paying the premium for ten years, Pramod died in a road accident. By that time, his daughter was in 1st year of post-graduation, which was the crucial year for her education. The life insurance policy paid the death benefit when the family was grief-stricken. It reimbursed the family with a sum assured, which they could use to repay the home loan and pay the college fees. 

Pramod’s family’s situation is one of the examples of how a life insurance policy helps. However, the benefit under the life insurance policy varies according to the type of product chosen.

As everything comes with a cost, you need to understand whether the cost you bear for life insurance premium is worth paying or not.

How much does life insurance cost, with an example?

To evaluate how much a life insurance policy costs, we need to consider an example depending on age and gender.

Assume that the monthly premium will vary according to age for a term life insurance for Rs.1 crore. Here we are an example of a female looking for a term plan cover of Rs. 1crore. The premium will increase with the growing age, reducing the policy term.

Age in yearsMonthly Premium (non-smoker) (in INR including GST)Term Provided 
2567335 years
3075430 years
3586725 years
40108120 years

In another evaluation of how much does life insurance cost, below is the table that mentions the premium amount. The premium for term life insurance policy of Rs.1 crore purchased by male and females will be different. In the same age bracket, males tend to pay more premium for the same sum assured of Rs.1crore of term plan.

Age in yearsMonthly Premium (non-smoker) Female(in INR including GST)Monthly Premium (non-smoker) Male(in INR including GST)
25673754
30754877
358671060
4010811356

All the premiums computed here are sourced from ABSLI DigiShield Plan.

Common Observation of Life Insurance Premium:

  • You pay less premium when young because that is when you are healthier and less prone to any diseases.
  • Women pay less premium than men because they have a longer life expectancy than men.
  • Rates of premium vary from company to company. This is why comparing premium rates from different insurers will help you find the lowest premium amount.
  • The average cost of life insurance from a certain company reflects its policyholders’ average age and health.

What are the factors that affect life insurance premiums?

Life insurance premiums depend on age, health issues, gender, etc. So let us look at each one by one.

Age: As you get older, your insurance prices tend to rise. This is why many financial gurus advise purchasing life insurance when you are young to take advantage of lower prices. In addition, if you acquire a permanent life insurance policy when you’re young, you’ll likely pay reduced monthly premiums for the rest of your life. In the example above, you can see that the premium when a female was 25 years was lesser than when she turned 40 years—buying a term insurance policy when young specifically helps because the premium remains the same for the policy term.

Gender: Women have a longer life expectancy than men; males pose a more significant risk to life insurance firms. As a result, life insurance premiums for men are often higher than for women of the same age and health.

Type of Life Insurance: Term life insurance is typically less expensive than permanent life insurance. Term life insurance is only suitable for a specific amount of time. Permanent life insurance, such as whole life, lasts until you cancel it or cease paying the payments. Similarly, the premium for a savings plan or a child plan is more than a term plan. It is because the benefits will also vary. 

Amount of Death Benefit: The life insurance cost will vary if the amount of death benefit varies. A term policy for Rs.1 crore will be cheaper than the term plan for Rs.1.5 crore.

Health Status: The cost of life insurance is heavily influenced by your health. If you use tobacco products, you should expect a significant increase in your insurance price. In addition, before qualifying you for a policy, most life insurance policy types will need you to complete either a health questionnaire or a health check-up. 

Occupation: If you work in a dangerous field like construction, war reporting, or law enforcement, you may be exposed to more dangers regularly than an office worker. You may have to pay a bit extra for life insurance due to the increased risk.

When multiple factors affect the life insurance cost, would you want more than one policy for more security?

Can any individual have more than one life insurance policy?

Yes, it is permissible to have multiple life insurance policies. People buy numerous life insurance policies to maximise their coverage or prevent being denied a claim. Even if a claim is rejected by one insurer, the beneficiaries may benefit from a different insurer if they have numerous life insurance policies.

More than one life insurance policy can also help to satisfy different purposes in life. For example a term plan will pay your family in lump sum on the death of the policyholder. But a child plan will help the family take the education uninterrupted. The child plan policy will also pay if something unfortunate happens to the policyholder. 

You can have different life insurance products because in the end it is about building financial security of the loved ones.

Conclusion

Life insurance premium cost is the amount you pay to receive the guaranteed benefits. Though it depends on various factors, the idea is to create financial security for your loved ones. Apart from the security and death benefits, the life insurance policy provides income tax deductions under Section 80C. For buying a life insurance policy, comparing the quotes online is a wise thing to do. It will save you some more pennies. If this doesn’t help, connect with your financial advisor.

IndiaCSR Whatsapp Channel
Tags: Life Insurance

India CSR offers strategic corporate outreach opportunities to amplify your brand’s CSR, Sustainability, and ESG success stories.

📩 Contact us at: biz@indiacsr.in

Let’s collaborate to amplify your brand’s impact in the CSR and ESG ecosystem.

India CSR

India CSR

India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

Related Posts

Retirement calculator
Finance

Retirement calculator: Know how much you need to save monthly

1 day ago
5
Drive Financial Efficiency with The Power of Smooth GST Payments
Finance

Chhattisgarh: Coal Trader Arrested in Rs. 512 Crore GST Fraud

5 days ago
5
Business Loan
Finance

Key Challenges Faced in Securing Business Loans in India and How to Tackle Them

7 days ago
18
Financial
Finance

From Paycheck to Prosperity: How Smart Habits Pave Your Way to Financial Peace

3 weeks ago
0
Travel Insurance
Finance

What You Must Know About Travel Insurance Before Heading to Australia?

3 weeks ago
3
Health Insurance Plan
Finance

What is the Cost of a Rs 10 Lakh Health Insurance Policy for a Family of 4

3 weeks ago
2
Marine Cargo Insurance
Finance

Reasons Behind Marine Cargo Insurance Claim Rejection

3 weeks ago
25
Home Insurance Plan in India
Finance

How to Choose the Best Home Insurance Plan in India?

3 weeks ago
0
Term Insurance
Finance

From Chaos to Clarity: How Term Insurance Simplifies Financial Planning?

3 weeks ago
0
Load More
India CSR Awards India CSR Awards India CSR Awards
ADVERTISEMENT

LATEST NEWS

CSR: Kotak Securities’ Kona Kona Shiksha Empowers 73,000+ Youth in FY25

Aadhar Housing Finance Transfers Rs 4.73 Crore to Unspent CSR Account for FY25

What Is The Fastest Way To Withdraw Money From Online Casino Sites?

Why Sharing Images of Tragedy Violates Human Dignity and Rights

Himachal Pradesh Mandates Chief Minister’s Approval for CSR Fund Proposals

हिमाचल प्रदेश में सीएसआर फंड पर नई सख्ती: अब मुख्यमंत्री की मंजूरी जरूरी

HZL HZL HZL
ADVERTISEMENT

TOP NEWS

Motilal Oswal Foundation Launches ₹100 Cr Rural Youth Empowerment in Rajasthan

ANJ Group Secures Massive ₹500 Cr Projects in Q1 FY25, Collaborates with Amazon, Coca-Cola, ZEISS in Major Expansion Drive

Karnataka: Infosys Foundation Commits over Rs. 48 Crore to Boost Maternal and Child Healthcare

Subroto Bagchi’s Re 1 Cheque: Mindtree Co-Founder True Wealth Philosophy

CSR: Adani Foundation Organizes Grand School Enrollment Drive under Project Utthan in Raigarh

Community Pond in Baran, Rajasthan to Store 7 Lakh Litres Rainwater

Load More

Advertisement

Image Slider
content writing services Guest Post Top 5 Reasons to have Sponsored Posts at India CSR – India’s Largest CSR Media stem learning R2V2 Technologies Private Limited

Interviews

Himanshu Nivsarkar, Senior Executive Vice President and Head of CSR & ESG at Kotak Mahindra Bank
Interviews

Driving Sustainable Impact: An Interview with Himanshu Nivsarkar, Kotak Mahindra Bank

by India CSR
May 22, 2025
147

By Rusen Kumar NEW DELHI (India CSR): Himanshu Nivsarkar, Senior Executive Vice President and Head of CSR & ESG at Kotak...

Read moreDetails
Balamurugan Thevar, CSR Head at Shriram Finance

Empowering Women Drivers: An Interview with Balamurugan Thevar, CSR Head at Shriram Finance

May 20, 2025
220
N E Sridhar, the Chief Sustainability Officer at Titan Company Ltd.

Empowering Rural Craft Entrepreneurs: An Interview with N E Sridhar, Titan Company

May 15, 2025
103
Geetaj Channana, the Head of Corporate Strategy at Vivo India

Empowering Young Innovators Across India: An Interview with Geetaj Channana, the Head of Corporate Strategy at Vivo India

April 25, 2025
58
Load More
Facebook Twitter Youtube LinkedIn Instagram
India CSR Logo

India CSR is the largest tech-led platform for information on CSR and sustainability in India offering diverse content across multisectoral issues. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting. To enjoy the premium services, we invite you to partner with us.

Follow us on social media:


Dear Valued Reader

India CSR is a free media platform that provides up-to-date information on CSR, Sustainability, ESG, and SDGs. They need reader support to continue delivering honest news. Donations of any amount are appreciated.

Help save India CSR.

Donate Now

donate at indiacsr

  • About India CSR
  • Team
  • India CSR Awards 2025
  • Partnership
  • Guest Posts
  • Services
  • Content Writing Services
  • Business Information
  • Contact
  • Privacy Policy
  • Terms of Use
  • Donate

Copyright © 2025 - India CSR | All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers

Copyright © 2025 - India CSR | All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.