ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -FAQ’s on Buying $2 Million Life Insurance. How much does a 2 million-dollar life insurance policy cost per month? A $2 million-dollar term life insurance policy costs $183 per month for a 30 year-old male in good health according to most experts on life insurance policies.

Detailed explanation-2: -To calculate premium due, multiply the benefit amount by the premium rate set forth in your policy. Be sure to apply salary definitions, benefit maximums, rounding rules, age reductions, guarantee issue limits, and spouse coverage limitation or restrictions.

Detailed explanation-3: -The premium rate is calculated by dividing the sum insured by the sum assured. This means that if you have a sum insured of Rs 10, 000 and a sum assured of Rs 1, 000 then your premium rate would be 10%.