Wednesday, March 7, 2018

How to lower down the insurance premium

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.

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