Enter term insurance early, lock in the premium as delay means higher cost

The average term premium increases exponentially with age

Online insurance marketplace PolicyX has launched the country’s first indices on term and health insurance, based on prices from leading insurers. These indices will allow buyers to observe trends in premium rates. A closer look at the data in these indices reveals insights that buyers can use to make informed decisions.

Higher sum assured fetches a discount

The increase in term premium rates is not linear. As the sum assured increases, insurers offer a discount. This is why the premium for a Rs 1 crore sum assured is less than 2x the premium for a Rs 50 lakh sum assured