But how much will life insurance cost and what will be the coverage provided? If you look at life insurance quotes online, you will find that there is quite a variety of life insurance plans available on the market today. The average life insurance cost per month can be around Rs. 500 for a thirty year old person for a coverage of Rs. 1 crore. However, the cost of your premiums and the total coverage provided depend on a host of different factors like your age, your general health and the specifics of your insurance policy. Given below is a list of factors that directly affect the cost of your life insurance policy.
The type of your policyThere are so many different types of life insurance policies available today and all of them have different tenures, different coverage and different monthly premiums. The two main factors of your policy that affect the cost are the duration and the coverage of your policy.
- Coverage: The coverage amount is the total death benefit that your family will get after your untimely demise. Your life insurance will be costlier and will have higher premiums if your coverage amount is high and vice versa. For example, if you purchase a term life insurance for 30 years for a coverage of Rs 1 crore, then you will have to pay a premium of roughly 10,000 to 15,000 per year. On the other hand, if you feel that Rs 1 crore is not enough for your family, you may choose to go for higher coverage of Rs. 5 crore or more. In this case the annual premiums will be much higher.
- Duration: The duration of your life insurance policy plays a key role in deciding your premium. A duration of 30 years in your term life insurance policy will amount to a premium of about Rs. 15,000 for a coverage of Rs 1 crore. But a much lesser term duration of, say, ten years will significantly lower your premiums.
Whole life insuranceA whole life insurance provides life coverage for your entire lifetime. It only ends after you pass away or after the maturity date is reached. Since this type of life insurance has a duration of your entire life, it is expectedly much costlier than a term life insurance.
Term life insuranceA term life insurance does not last for your entire lifetime, but for a specified term of a number of years, like 20 years or 30 years. The higher the term of your life insurance, the costlier it will be.
Sample term life insurance rates can be anything from Rs 10,000 to about Rs. 15,000 for a 30 year duration and providing a coverage of Rs. 1 crore.
The age of the insuredYour age plays an important role when it comes to cost of life insurance. Cost of life insurance for person in his twenties will be significantly different from the cost of life insurance at age 62 and above. A life insurance policy is significantly cheaper for younger individuals and much more expensive for persons above the age of 50 years. Younger people have much less probability of systemic diseases and have lower mortality risk, and hence it is advisable that one go for life insurance when one is young and healthy. Even term life insurance rates for seniors can be on the higher side. A life insurance rates by age chart is given below that roughly approximates what life insurance may cost you at your age for a coverage of Rs 50 lakh.
Age 20 to 30 years: Rs. 5000 to Rs. 7000 Age 30 to 40 years: Rs. 10,000 to 15,000 Age 40 to 50 years: Rs. 15,000 to 20,000 Age 50 years and above: Rs. 20,000 and above
So, for example, if you want the answer to a question on the lines of, how much is life insurance for a 55 year old person, then according to the above chart, it will be close to Rs. 20,000 for a coverage of Rs 50 Lakh.
Health of the individualYour health at the time of buying life insurance will be the direct deciding factor of your life insurance cost. That is why a medical evaluation is always done before the life insurance company decides whether to provide you with life insurance. The healthier you are, the cheaper will be your life insurance since your mortality risk will go down. However, if you have pre-existing systemic conditions then your premium cost is likely to go up. Smoking, will also increase your premium cost since it directly leads to other diseases.
The conditions given below will be evaluated and may increase your premium costs.
- High blood pressure
- High cholesterol
- Heart disease
- Other chronic illnesses
Your hobbyBelieve it or not, your hobbies can also be a big factor when an insurance company decides your premiums. The reasons are simple, if your hobbies include high risk adventure sports like bungee jumping and skydiving, then your risk of mortality will go up, leading to higher life insurance premiums.
Your occupationJust like your hobbies, an occupation that involves higher risks will require more expensive premiums when you apply for life insurance. People working in oil rigs and mines, people sailing on ships and persons constantly exposed to radiation are at a greater risk and hence insurance companies will demand a higher premium.
Your genderIt is generally considered that men have a shorter life expectancy and often indulge in riskier behaviour. Therefore, life insurance might be a bit costlier for men than for women.
PregnancyPregnant women applying for life insurance will most definitely have to pay higher premiums. The premium also depends on the duration of pregnancy. It is always advisable to wait until after the delivery to buy your life insurance, when the rates will be lower.
HabitsWhen you apply for life insurance, you will be required to undergo a medical evaluation along with the submission of a personal particulars form. This form will ask you enter details of any habits that may affect your life expectancy. Most notable among these will be smoking and alcohol consumption. A person who smokes will have a higher mortality risk and lower life expectancy, leading to higher premiums. Similarly, people with high alcohol consumption are at a greater risk for liver disease and this could be a reason for the cost of your life insurance going up.
It is always advisable to honestly mention all these details to the insurance company clearly and not hide any facts. This ensures that your loved ones will get their death benefit claim approved in your absence. The claim can be rejected if the insurance company finds any discrepancy in your provided details pertaining to your smoking or drinking habits.
RidersRiders are certain benefits or add-ons to your life insurance policy that provide you with additional features apart from your life insurance. They can be anything from an accidental death rider to a permanent disability rider. This ensures that you are financially secure if your death occurs after an accident or you are permanently disabled and unable to work for a living. Having riders on your life insurance policy will make your life insurance costlier and increase your premiums.
Your insurance companyFinally, the cost of your life insurance will depend on the insurance company that you go for. Some will offer cheaper options while others will be expensive. Do your research well and shop around for life insurance so that you get the best deals.
All the above factors are responsible for calculating the cost of your life insurance policy. Many life insurance companies offer a life insurance cost calculator on their online websites. You can easily enter your age and health details and the amount of cover you are looking for, and the calculator will estimate your premiums. Another option is to get the help of an insurance agent, who will evaluate your form and offer you life insurance plans most suitable for you. So, choose your plan and get yourself insured today, thus making sure that your loved ones remain financially sound in your absence.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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About Aditya Birla Capital
Aditya Birla Capital (‘the Brand’) is the single brand for financial services business of Aditya Birla Group. The trade logo “Aditya Birla Capital” and the URL www.adityabirlacapital.com is owned by Aditya Birla Management Corporation Private Limited (trade mark owner) and the same is used herein under the License by Aditya Birla Capital Limited (ABCL) and its subsidiary companies (collectively hereinafter referred to as “ABC Companies”). Aditya Birla Capital Limited is the holding company of all financial services businesses.
www.adityabirlacapital.com (“the Website”) is maintained and run by Aditya Birla Financial Shared Services Limited (having its registered office at 18th Floor, One India bulls Centre, Tower 1, Jupiter Mills Compound, Senapati Bapat Marg, Elphinstone Road, Mumbai- 400013). The information available on www.adityabirlacapital.com relates either to ABCL and/ or ABC Companies under all associated web pages/ sites which are linked to www.adityabirlacapital.com (“hereinafter referred as the Website”).
All of the ABC Companies have their own separate legal identities and webpages (details about which are embedded in their respective web pages/sites) but in this Website they may sometimes use "Group", "we" or "us" when we refer to ABC Companies in general or where no useful purpose is served by identifying any particular ABCL Affiliate.
Terms and Conditions and Acceptance
Authorisation to Facilities Provider
You also agree and authorize ABC Companies / its third-party service providers to contact you at the contact information provided for service related communication relating to your product or facilities offered even if your number is in National Do Not Call Registry.
One ID at Aditya Birla Capital
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To help you for your money needs you can avail the facility of MoneyForLife Planner (‘MoneyForLife Planner/ Planner’). MoneyForLife Planner facility is powered by Aditya Birla Money Limited, a subsidiary of ABCL. MoneyForLife Planner provides an indicative assessment of your money needs based on the factors like income, age, family members and their future, your future money requirements and current lifestyle status as per details filled in by you on the online questionnaire. The Planner provides an indicative view about the generic investment opportunities available in the manner indicated by you. The results provided by the Planner are generic in nature and do not necessarily reflect the actual investment profile that you may hold and it is not necessary for you to act on it. The Planner provides a generic indication of your money needs to enable you to prioritize your investment needs which are rule based. Therefore, the search results displayed by the Planner cannot be construed to be entirely accurate / comprehensive.
No fee or consideration or economic benefit either directly or indirectly is associated for availing the assessment through MoneyForLife Planner and therefore it is not to be considered as an investment advice or financial planning and / or investment advisory services.
You agree and understand that use of MoneyForLife Planner does not assure attainment of your investment objectives and there is no assurance that the money objectives will be achieved, as the same is subject to performance of the securities, the forces affecting the securities market and your risk profile. You are advised to consult an investment advisor in case you would like to undertake financial planning and / or investment advice for meeting your investment requirements.
You also agree that risks associated with any investment would be entirely yours and you would not hold ABCL and/or ABC Companies or any of its employees liable for any losses that may arise on account of any investments under taken basis the use of MoneyForLife Planner.
All investment decisions shall be taken by you in your sole discretion. You are advised to read the respective offer documents carefully for more details on risk factors, terms and conditions before making any investment decision in any scheme or products or securities or loan product. All investments in any product / fund / securities etc. will be on the basis, subject to and as per the terms and conditions of the specific product’s / fund’s / security’s offer document, key information memorandum, risk disclosure document, product or sales brochure or any other related documents which are offered by the respective issuer of such product/securities. You can use execution platform/services with any third party as deem fit and proper, and there is no compulsion to use the execution services through this Website.
Not an Investment Advisor, Planner, Broker or Tax Advisor
The facilities on the Website are not intended to provide any legal, tax or financial or securities related advice. You agree and understand that the Website is not and shall never be construed as a financial planner, financial intermediary, investment advisor, broker or tax advisor. The facilities are intended only to assist you in your money needs and decision-making and is broad and general in scope. Your personal financial situation is unique, and any information and advice obtained through the facilities may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your advisor or other financial advisers who are fully aware of your individual circumstances. For more details, please also refer to the Legal Disclaimers provided on the Website.
We may provide you with various money solutions and options which are generally available basis your investment profile or those which are generally held by persons of similar investment profile. You authorize us to use/disseminate the information to provide the Financial Solutions however it is not necessarily for you to act on it. It only serves an indicative use of information which you may execute in the manner agreed by you.
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This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.
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Third party websites
This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).
USE of APP
Postings and monitoring
The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.
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If you come across any breaches/violation or offensive material you must report to us at firstname.lastname@example.org
Facilities Changes and Discontinuation
The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.
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Compliance with the Law
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Restrictions on Commercial Use or Resale
Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.
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Charges for use of Website
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The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
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Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
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Recover Health Insurance Cover Amount Using Restoration Facility
The restoration facility in health insurance, as the name suggests, replenishes the sum assured after you have used the entire amount within a calendar year. Read on to know more about it.
Different Types of Mutual Fund Charges
While mutual fund investment is gaining popularity among several investors, there’s one facet that needs your attention – it is the charges associated with mutual fund management. In this article, we will explore the various fees that you need to pay Mutual funds.
CIBIL Score For Personal Loan
One of the most important factors that are taken into consideration by lenders when you apply for a loan is your CIBIL score. Let us look at some more details pertaining to the CIBIL score with respect to a personal loan.