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  • Top 10 Factors Affecting Life Insurance Premium Costs

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    A great way to help and protect your loved ones, is with Life Insurance which can be a huge investment as well. A lower premium paid can yield to a good amount of savings over a period of few years. Life insurance premiums are based on a number of factors, and it can be quite tedious for a few people to understand why and what the charges are, and why they pay a rate that may not be the same as another. There are some factors that many insurance companies consider when pricing their policies, there factor may not be within your control. But the life choices you make, can also lead to the factors that can affect your Life Insurance premium.

    The factors that affect your premium towards Life Insurance are:

    1. Age: This is an obvious and not surprising factor that affects your Life Insurance premium, the age of the policyholder. If you’re young the rates will be lower in comparison to someone older. The possibility of a young individual contracting a life threatening disease or to pass away in their youth is very unlikely. The insurance companies believe that you’ll make many premium payments before they have to write a cheque for your family.
    2. Gender: Insurance companies aren’t against gender equality, but they believe there is a different life expectancy for different genders. As per the studies and statistical findings, women are believed to live 5 years more than men at the minimum. Therefore affecting the premium they pay, making them pay the premium for a larger period of time but at lower rate which is a plus point for the women.
    3. Smoking: Smoking puts the policyholders at higher risk of all ailments, so if you’re a smoker that that’s as good as raising a red flag to the insurance companies. Most smokers pay a premium twice as much as non - smoker does, thus affecting the premium to a huge extent.
    4. Medical history: There’s isn’t much one can do with the gene pool they come from. If a policyholder has a medical history of serious illnesses like cancer, heart diseases, or any other, then that makes them susceptible to get these from a hereditary perspective. Which increases the individual’s premium by a larger margin than if their gene pool wasn’t.
    5. Health records: You as the policyholder will also need to provide your own health records. These records will ensure that you don’t have any chronic diseases or potential health issues and keep your premium also in check instead of making a difference to it.
    6. Drinking: Drinking of alcohol is injurious to health in more ways than one. If you as the policyholder are a heavy consumer of alcohol this can affect your premium at higher insurance rates. Insurance companies ensure to ask the applicant if they are smokers or drinkers.
    7. The Policy: The policy itself also affects the premium you pay, the longer the tenure of the policy the larger the amount of the benefit at the time of death, since you’re paying it for that period of time. Short term policies are more expensive that long term.
    8. Profession: Your profession also plays an important role in the premium you end up paying, any policyholder working in the mining industry, oil and gas, fisheries or any other dangerous profession increases the premium amounts you pay for the policy you decide to take.
    9. Lifestyles choices: Many insurers have a higher premium for people who love to takes risks for the thrill of it. Like speeding cars, climbing treacherous mountains or other high risk activities. Thereby increasing your premium to substantially more than other.
    10. Obesity: Obesity is another factor that affects your premium as a policyholder, being obese can lead to a number of health problems like Osteoarthritis, High Blood Pressure, Cancer, Stroke, Coronary Heart Disease, causing overall health problems in the future and also increases your rates.

    How these factors affect your rates of premium is dependent on the insurance company and the way they treat these factors and the combination of them. For example: having a history of cancer in your family and still being a smoker can affect your rate in more than one way or being obese and having a history of heart disease also affects your rates of premium. Every insurance policy is based on each individual and premiums are calculated on the insurance company's rules of rating.

    Top factors affecting life insurance premium

    Top 10 Factors Affecting Life Insurance Premium 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
      "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 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 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
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken one life insurance policy with LIC. I am using this service for past one year. The customer service is good, i need to pay premium on annual bases but i dont have idea how much is premium i use to pay and i use to pay through cash only..
      Was this review helpful? 0
      , kolkata
      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
      "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
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
      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 purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is JEEVAN LAKHSYA and JEEVAN SARAL and i am holding it from past 10 years. The maturity period is for 20 years. The premium i pay on a monthly once where the Coverage is for family.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the HDFC Life Insurance policy for a while. they charge nominal premium for this policy it also offers accidental benefits and I make payment at the branches. so in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good pension plan"
      0.5 4.0/5 "Great!"
      6 months before, i have purchased the pension plan. I pay the premium of Rs. 6000 per annum. Depends on the age eligibility criteria they have given the plan. I pay the premium through the agent for the first time and after that i pay through the online portal. I chosen LIC because of my mother has taken LIC policy. They have given good returns.
      Was this review helpful? 0
      , vellore
      Reviewed on Nov 16, 2018
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