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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
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The life insurance policy that i have taken it from the LIFE INSURANCE CORPORATION OF INDIA, the premium for my life insurance that i am paying 7k for yearly once also they have given the tenuity period of 16 years. The policy gives the coverage is for family.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I haev purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA from last five years they have given me the policy coverage with the 16 years of tenuity for my complete family. The premium i pay yearly once as 10k.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with LIC. The policy name is JEEVAN ANAND and the tenure period is 20 years. After the maturity, I will get a good return. I am using the LIC service for 2 years. The payment mode is net banking. The policy coverage and the plan benefits are happy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Its Good for Children"
      0.5 5.0/5 "Blown Away!"
      I have Child plan took for my kid, I need to pay the premium around Rs. 10,000 on monthly basis., he will get 26 lakhs after 20 years of old. This policy has locking period I need to pay for 16 years after 20 years my son can avail the benefits its good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good life cover with better Benefits"
      0.5 5.0/5 "Blown Away!"
      I took two policy from policy. I like Jeevan anand policy, I have pay the amount of Rs. 10 lakhs for the total term of 16 years then I get the insurance amount of Rs. 20 lakhs called matured benefits., they are providing life cover upto Rs.10 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and i am using it from past 6-7 years the maturity period for this policy is for 2 years where i am holding the JEEVAN ANAND policy. The premium i pay yearly once through the online.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. The policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , i have been holding various different policy with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my health insurance with Life insurance corporation of India from past one and the half years, they have tie up with many hospital and there customer service explained me about policy clearly and there premium amount they have charged up to 1200 on a yearly basis.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      It was an average experience in Life insurance policy with LIC, i am having this policy from last 7 years and i pay my premium on yearly basis through online. Payment options are convenient for me and the returns are not that good in this policy. The tenure period is 20 years for this policy.
      Was this review helpful? 0
      , khargone
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Best personal insurance policy"
      0.5 5.0/5 "Blown Away!"
      My life was insured with Money back policy. They are having a accidental benefits. Because of the trust in LIC i have chosen with this company. The policy has been covered with accidental and death benefits. I am going to get a first cashback by next month. I have purchased this policy in 2014.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I'm using the LIC app hence i make the payment through the digital method. I have taken my life insurance policy with Life insurance corporation of India. I pay the premium amount of Rs. 4200 for combining of 4 policies. This is a tax benefits policy. Total tenure period of the policy is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken one life insurance policy with LIC. I am using this service from past 1 year, i did not face any complication while applying this insurance,they are charging up to 900 rupees per month, and it use to get auto debit from my account and there customer support team was good they explain me all the policy details very clearly.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have opened the life insurance policy 1 year back with LIC. I have chosen the plan of Jeevan Anand. I pay the premium amount of Rs. 19000. They are giving a coverage amount of Rs. 4 lakhs. Total tenure period of the policy is 20 years. I make the payment through cheque. This is a tax benefitable policy
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Good insurance policy with LIC"
      0.5 5.0/5 "Blown Away!"
      My life insurance policy was taken with Life Insurance Corporation of India. I have been paying the premium of Rs. 1800. The amount has been deducted through ECS. My father has suggested me about this policy. Total tenure period of the 20 years. I have chosen the payment mode of every month.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • LIC Life Insurance
      "Everyone should take one policy with LIC"
      0.5 5.0/5 "Blown Away!"
      I have been holding the life insurance policy with LIC. I purchased the policy 5 years back. Total tenure period of the policy is 25 years. This is a tax beneficial policy. My father has taken care of the policy details. The interest rate and late fee charges are very low when it comes to LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      The customer service is okay, when we want to any information regarding the policy, they wont explain it properly. I used to pay the premium amount around Rs. 2500 on monthly basis and it has total term of 21 years. After 10 years I get the matured benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 17, 2018
    • Kotak Life Life Insurance
      "Recommendbale term life"
      0.5 5.0/5 "Blown Away!"
      Its one of the best policy with Kotak Mahindra on my term plan, it has low cost with better benefits. For any incident they are providing life cover and they have good claim settlement and renewal. Premium I used to pay around Rs. 12,500 it has term of 24 years for 1 crore coverage.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken one life insurance policy with LIC. I am using this service for long time. My relative is agent of lic so he explain me all procedure and i have applied for life insurance from him only and i use to give premium in quarterly bases , i use to pay through on line around 3190 as premium amount they use to charge me.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. The policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , i have been holding various different pocily in LIC.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
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