NEW DELHI: The cost of insurance premiums should be seen as an investment that gives you and your family security in uncertain times. Hence, you should be smart enough to choose the right policy that will not only help you save on premium costs but also offer adequate insurance coverage.
If the cost of insurance premiums has ever influenced your decision to purchase life insurance, there are several ways that you can lower your insurance premiums rather than burn a hole in your pocket.
Start when you are young
Your age has a direct influence on the level of premiums; the younger you are, the lower your life insurance premium will be. Starting young is the key to low life insurance premiums. Sajja Praveen Chowdary, Term Life Insurance at Policybazaar.com, said, “Simply put, if you get your policy out as soon as possible, you are entitled to lower premiums than if you wait until you are older because the risk is lower with one young policyholder. The higher your age, the higher your premiums. It is highly recommended that you get a policy in your early twenties to save money on your premiums. “
“For example, if you take out term life insurance at the age of 25, it will cost you between 600 and 800 rupees per month. If you take out the same policy later, for example at the age of 40, it will cost you between 1300 and 1400 rupees a month, so don’t wait any longer and just buy the appropriate policy at the appropriate age, “said Chowdary.
Choose the option for premium payment mode wisely
When you take out life insurance, you have the option of paying the premiums in various ways – annually, semi-annually or monthly. If desired, premiums can also be paid in one go. Your policy will most likely expire if you choose monthly premiums as your payment method and don’t pay them on time. As mentioned earlier, some insurance companies allow policyholders to pay a flat rate premium that can result in a discount.
For a 30-year-old non-smoker who lives on the subway, there are price comparisons of term life insurance policies offered by four major insurers. The total sum insured is Rs1 crore, with a 60 year insurance period. The idea is to compare all of the premium payment options on one platform that can be paid monthly, annually, or even a single premium at a time.
Maintain a healthy lifestyle
If you live a healthy lifestyle, your premium will be less. Insurers pay particular attention to the policyholder’s medical history. Lifestyle problems such as blood pressure and high blood pressure can increase the premium amount. Hence, it is important to maintain a healthy lifestyle.
“The irony is that the least amount of life insurance you get when you need life insurance most urgently – right after you’ve had health problems – or your premiums are higher. Before issuing a policy, insurance companies will do a medical exam to find out your medical history. The basis on which insurance companies set the premium rates. This is because insurers are aware of life-threatening habits and therefore charge a higher premium, “Chowdary said.
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source https://dailyhealthynews.ca/three-ways-to-reduce-life-insurance-premiums/
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