I am planning to buy a term plan for a cover of approx. 70 lacs for myself.I am 31 yrs old and the premium calculated is in the range of Rs 10,800 to 13,000 for Aegon Religare and other private companies that includes accidental rider.
I compared this premium amount with Lics Amulya Jeevan term plan and it turns out that I have to pay aprox. 28k premium for the same sum assured for the LIC plan.
Why there is such a vast difference in the premiuim amounts of LIC and other private companies?