<p>Deposit insurance pricing is crucial for the successful implementation of a deposit insurance system. Based on the Merton deposit insurance option pricing framework, we present a deposit insurance pricing model that simultaneously considers multiple factors. The proposed model is more general than existing models, as it can degenerate into simpler models, such as those involving only a single factor. Given that the priorities for the repayment of deposits within and beyond the insurance limit should differ, we incorporate the insurance limit factor into the pricing model from the perspective of the maximum underwriting amount. This approach aligns with the original intent of setting an insurance limit in deposit insurance systems. The illustration using selected commercial banks in China shows the advantages of the proposed model.</p>