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My daughter is paying a higher premium

Since your daughter is young and eligible to buy an online policy, she should consider buying a cheaper online term plan

Recently my daughter bought a term insurance plan from LIC. She is 35 years old and she is a non-smoker. The premium is around ₹12,000 per annum. Insurance companies suggested by you are charging less than half of what my daughter is paying. Please explain.
- D. Dattaray

It is true that LIC term plans are expensive than the plans from private insurers. Since your daughter is young and eligible to buy an online policy, she should consider buying a cheaper online term plan. Online plans are cheaper than offline plans. She can choose one insurer if she is buying a cover of up to ₹50 lakh. She can opt for two insurers if she is buying a cover of ₹75 lakh or more.

Here are three online plans your daughter can consider buying. We have also provided the annual premium for (35 year, non-smoker) for a ₹1 Crore cover for 25 years (so that it will cover your daughter till her retirement at 60).

Max Life Online Term Plan: annual premium of ₹5,900 (claim settlement ratio of 98.63 per cent)
Aegon Religare i-Term Plan: annual premium of ₹6,384 (claim settlement ratio of 96.59 per cent)
Aviva i-Life Term Plan: annual premium of ₹6,994 (claim settlement ratio of 94.2 per cent)

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