Studies
do point to the fact that life insurance does include close to 360 million
products. It is a mere tip of the iceberg and the choice of one does involve a
lot of consideration as well. The main purpose of any insurance policy is the
unpredictability aspect , but when you are about to purchase an insurance
policy it tends to get overshadowed by the premium part. When you compare insurance
policies India you will come across the fact that there are certain policies
which does go on to provide 2 to 3 times than your normal insurance plan. The
key point is to distinguish the normal ones from the expensive policies.
Reduction
of life insurance policy
It
is suggested that you should invest in an insurance policy the moment you are
in a position to pay the premium. When you are young the premium is low as you
are healthy. In fact to lower down the premium you can delay the purchase of
the plan. Once you age the premium is going to cost more and it is also
dependant on your personal habits along with life history. Though hereditary
issues are not in your control, but personal habits is one area that you can
control a bit. Exercise regularly and be a person who does pay a lot of
attention to their health.
Buy
online and then compare them
It
would be prudent on your part to compare
insurance policy plan online and then purchase them. It all depends upon
your needs as then you would have to switch between insurance plans. Do make it
a point that you can go on to cancel a policy after a new one has been active.
In this regard you can save the loading charges rather than opting to buy from
an insurance agent. Loading charges is the charge that is levied by an
insurance company by an agent and a customer has to bear it.
Another
important tip would be to pay the premium annually rather than multiple times
in a year. It is going to be a difficult
option but in the long run it works wonders.
On all counts opt for an insurance company who goes on to cover people
in the same circumstances that you find yourself in. Before the purchase of any
insurance policy you have a concise idea about the fine print of the policy. Do
keep your eyes open for any hidden charges and make it a point that all your
doubts are cleared. Do carefully understand the need of a rider and then only
go on to opt for one. It has to be understood that if you are paying for rider
then additional premium needs to be borne by you. In the long run the relative term insurance
has to work out to be cheaper on all counts.
To
reduce the premium figure out the duration of the policy and invest in health.
It is strongly voiced to buy the policy online.