Cheapest premium normally falls under term insurance category which doesn't involve the element of investment.

Premium can be start RM800 yearly for a 100k coverage.

Alternatively if you're looking for a more comprehensive coverage (if you have a higher budget), you can apply for an investment linked policy which you may add on other useful rider such as a Payor waiver - in the event the parent who is paying for this policy dies, the policy premium is paid by the insurance company until the age of 25.

Premium starts from 188 monthly onwards