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  • Important Tips To Help You Save on Life Insurance Premiums

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    Many people continue to consider life insurance an unnecessary expense. This is mostly due to the illusion that life insurance doesn’t come cheap. Many people stay under the impression that life insurance is expensive and usually not very affordable. They couldn’t be more wrong. As times have evolved, life insurance, like computers, has become very affordable. Also people have more options than ever to choose from under life insurance. In addition to the high affordability, there are plenty of ways by which one can save on life insurance premium costs. Read on to find out what these are, so you too, can save on your life insurance premiums.

    Tips for Saving Life Insurance Premiums

    Get it while you’re young

    The cost of purchasing life insurance will be a lot lower if you purchase it at a young age. Young age is normally associated with better health, hence insurers will be more favourable towards you. This is why when you get it at, say 32 years, you will be paying premiums much lower compared to what a 52 year old individual would be paying for the same plan.

    Assess your financial situation and then decide on coverage

    When you purchase life insurance, the cost of premiums will be an added expense in your budget. If you are not careful in choosing your coverage, you may end up paying too much towards your insurance cover, which you may not even need. Therefore, it is important to evaluate your financial situation (assets, savings, liabilities, dependents, etc.) and then decide how much coverage you exactly need to ensure that your loved ones will be able to live comfortably even when you aren’t around.

    Drive carefully

    Sounds odd, but it is relevant. Most of us associate driving with car insurance wherein your driving habits can help lower or even increase your car insurance premiums. However, a less than ideal driving record can also affect your life insurance premiums, as it means that you are more likely to be at risk while driving.

    Term Insurance is always more favourable

    When it comes to choosing between a term insurance plan and a whole life plan, it is wiser to go for the former. Term plans are pure risk protection plans which are designed to provide cover against the risk of death. Term plans are valid for a shorter duration as compared to a whole life plan which is valid for a lifetime. However, the main advantage of a term plan is that it is far more affordable, and allows you to get a high amount of coverage at a lower cost. However, whole life plans are significantly more expensive in terms of premiums. Considering these factors, a term plan is definitely a better option if you are looking at getting life insurance coverage at an affordable cost.

    Make your health a priority

    As we grow older, our age is only going to deteriorate with time. Aging is inevitable and will lead to poorer health. However, making healthy lifestyle choices while you are still young, can have a positive impact on the aging process and your overall health when you’re older. Eating a healthy and balanced diet, ensuring your body gets regular exercise and sleep, and not indulging in unhealthy habits like smoking, can greatly contribute to not only a healthier you, but also help bring down the cost of premiums on your life insurance policy.

    Stop Smoking

    Smoking kills, is something all of us know, But some choose to ignore it still. Tobacco products have long been known to cause cancer, which is a life threatening disease. Every year, thousands of people lose their lives due to cancer that has been caused due to smoking. While it definitely isn’t easy, but quitting smoking can also help in bringing down your life insurance premiums.

    Look Around Before Buying

    If you are in the market to buy curtains, it is very unlikely that you will simply visit the first shop that you go to and purchase the first thing that the shopkeeper presents you with. You will look around, visit several shops, find out the rates from multiple sellers before you decide what you want to buy. The same goes for life insurance too. When it comes to life insurance, it is even more important that you do ample research before making your selection. Go online and compare between different insurers and the policies they are offering. Also turn to your friends and family to find out about plans which they may have purchased to know more. Basically, do your homework thoroughly before you decide on the plan you want to buy.

    Look for an independent agent

    When buying insurance, it is always a better idea to either look out on your own, or enlist the help of an independent broker who is not associated with any particular company. An independent broker will not be inclined to sell you plans from only one company. Instead they will understand your requirements and suggest plans from a variety of insurers, which may be cheaper than what an insurance agent associated with a particular insurer suggest.

    Choose a higher deductible

    When you choose a higher deductible amount, you are automatically lowering your premium rate. Deductible is basically an the amount which you pay when an insurance claim arises, before the insurance company can start providing coverage towards the claim. With a higher deductible, you can save considerably on your premiums.

    Tips To Help You Save on Life Insurance Premiums Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken another policy with LIC. It is a Jeevan Saral policy. The premium is normal. The sum assured and the policy benefits are good. I would get the benefits of this policy after the retirement. It has been a very good experience till date.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Good in benefits"
      0.5 4.5/5 "Excellent!"
      I have also taken a endowment policy from LIC. The policy benefits are good. The sum assured is also good. The benefits was also provided to me immediately. It has been a good experience and it is secure to get the policies from this company. Good overall.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Beneficial policy"
      0.5 4.5/5 "Excellent!"
      My father has taken a life insurance from LIC for me. It is a money back policy and the benefits are good and the sum assured is good. I got the benefits by default without having to go behind LIC.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • Bajaj Allianz Life Life Insurance
      "Not paying back maturity amount"
      0.5 0.5/5 "Unacceptable"
      My policy (0002439625) has matured on July 2018, now three months over Bajaj Allianz has not paid my maturity amount back. Each time I contact them getting silly reason to avoid to pay back my maturity amount. The first reason was they despatch a cheque aready. After one moth they changed ask me my bank account details, I have submitted 5 times but the same is not updated their system. Now they are telling the clarity of the document is not clear. Any of the above cases Bajaj Allianz has not contacted me to inform this. Each time I have called them and ask about my maturity amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2018
    • ICICI Prudential Life Insurance
      "Worst Policy Provider. Dont Trust them"
      0.5 0.5/5 "Unacceptable"
      one of the unethical and non trusted brand. don't go with icici policy there are lots of hidden clause which these guys hide from you. please avoid going for icici pru policy. I have avail policy in month of January they have hide lots of bad things about policy.
      Was this review helpful? 2
      , pune
      Reviewed on Sep 17, 2018
    • Future Generali Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Future Genrali. I am paying a premium of 12000 per year. Their hasn't been any issues with the policy. The policy is a normal life insurance with out any commendable benefits. They need to improve their customer support services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Birla Sun Life from last 10-12 years and it is a long term policy. I pay a premium of Rs 6000 once in 6 months and i am convenient with the payment options. The tenure period for this insurance policy is 20 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life is insured with LIC from last 12 years and it is s long term policy. The name of the policy is Jeevan anand and the tenure period for this policy. I pay my premium once in 3 months through net banking and the maturity period for this policy is 16 years.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • Aviva Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with AVIVA life from last 6 years, i am happy with the coverage value of this policy. It covers critical illness as well as it has a cashless treatment. A premium of Rs 4500 has to be paid for this policy and i pay it through net banking.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The tenure period for this loan is 25 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months through net banking and i am convenient with the payment options. The maturity period for this policy is 15 years
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium on yearly basis and the payment mode is Auto debit. The tenure period for this policy is 15 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , lucknow
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • SBI Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the SBI Life. I am applying a low premium, So far it has been a hassle free experience with the policy. I am just paying the premium. The premium is comparatively low.
      Was this review helpful? 1
      , udaipur
      Reviewed on Sep 11, 2018
    • ICICI Prudential Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the ICICI Prudential Insurance for a while. Their services are good. I am paying the premium regularly. So far there hasn't been any issues with their services so far.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 11, 2018
    • Max Life Insurance
      "Good services overall"
      0.5 4.5/5 "Excellent!"
      Max Life Insurance was pretty quick in the response for the term plan. The plan riders come up with good set of critical illness. The insurance procedure was quiet well described and executed. Just wish to add one point for the medical test center guys, please try to maintain cleanliness of the instruments because it will help in creating a hygienic impression of the process.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Sep 10, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of 3100 quarterly, I am making payments online. The offers flexibility of loans and their services are friendly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 07, 2018
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