Usually what is the typical premium for Term Life Insurance?
I am planning to go for Term insurance. Usually what is the premuim? (I know it will vary across different insurance companies, but I guess there wil only be a small varition across)
Say I need a cover of 25 lakhs for 25 years -Margorie
Tags: Insurance, Lakhs, Premuim, Term Insurance, Term Life Insurance
December 9th, 2008 at 6:13 am
There is no typical premium as it will vary based on your death benefit, duration of term, age, and health. Try re-posting this in the Indian Y! Answers to get more specific information and quotes in lakhs.
December 9th, 2008 at 5:33 pm
There is no typical premium for life insurance.
Also, to guess that there is a small variation between insurance companies in the premium you will pay is wrong.
Rates for life insurance may vary by up to 50% or more between insurance companies.
The rates you are charged for life insurance depend on several factors, including:
1. Type of life insurance policy.
2. Your age.
3. Your occupation and hobbies.
4. Your health.
5. Your family’s health history.
6. The amount of life insurance you need.
7. How long you need the life insurance.
8. The company quoting your life insurance.
9. If you are married or single.
10. Results of your physical exam and blood and urine tests.
Each life insurance company has their own set of guidelines that determine what coverage they will offer you and how much the premium will be for your policy.
If you know you need life insurance for a specific number of years – 25 years as you said, you may want to consider Level Term Life Insurance. In 2003, 97% of all term insurance policies purchased were Level Term Life Insurance.
Level Term Life Insurance provides you with guaranteed rates and coverage amounts for the entire term of your policy. The term may be for 10, 15, 20, 25 or 30 years, usually. You may find level term to be an affordable option.
To compare quotes you may want to visit
I hope that helps! Best of luck to you.