Term life insurance is the original form of life insurance and is considered pure insurance protection because it builds no cash value. Term life insurance provides coverage for a limited period, the relevant term. After that period, the insured can drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis. This is purely risk protection.
Below the comparative chart of premium (without return of premium Option) for a 25-Year-old person for a sum assured of 1000000 for a term of 20 years.
| Insurer (Insurance Provider) | Premium | Comments (Riders- Accidental death & Disability, Weaver of Premium, Critical Illness) |
| Bharti | 2620 | No Riders |
| SBI Life Insurance | 3186 | Available options Level Plan, 5% or 50% increase in Sum Assured every Year at the same preimum. Riders Available |
| HDFC Standard Life Insurance | 3425 | Riders Available |
| ICICI Prudential Life Insurance | 3630 | Riders Available |
| Aviva Life Insurance | 2690 | Riders Available. In Aviva Term Plan you can Increase your cover once by 50% of the sum assured either on Marriage or within the first three months of new born child. |
| Bajaj Allianz Life Insurance | 4438 | Riders Available |
| Birla Sunlife Insurance | 3236 | Riders Available |
| Kotak Mahindra OM Life Insurance | 2921 | Kotak offers a preffered Term Plan for Non smokers and who do not consume alcohol, tobacco etc in any form at a much lower premium than its normal Term plan and that too along with Riders |
| Life Insurance Corporation (LIC) | 2544 | Riders not Available |
| Max New York Life Insurance | 2982 | Riders Available |
| MetLife India Insurance | 2682 | Riders Available |
| Reliance Life Insurance | 2660 | Riders Available. |
| Sahara India Life Insurance | 3104 | No Riders |
| Tata | 2080 | Lowest Premiums but without any riders |
Notes: Kotak offers a preferred Term Plan for Non smokers and who do not consume alcohol, tobacco etc in any form at a much lower premium than its normal Term plan and that too along with Riders- Accidental death & Disability, Weaver of Premium, Critical Illness (Premiums shown above are excluding rider’s premium).
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