Hi
I am 40 Yrs old. I want to purchase a term insurance for 1 crore. I visited few insurers and found quote as below :
ICICI prudential, SBI life & India first almost around 25000 for 20 year term policy.
While Aegon, Aviva, HDFC, Bharti AXA range around 13000 to 16000. LIC i am unable to get quote. I presume could be around 25000. Why is the premium almost 50% cheaper for few entrants ? Is it because they they are new and want to gain business. Somebody could advise what is best strategy? Is it to split into 50Lakh each ? Pls advise any other insurer also.