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Tips for Reducing your Life Insurance Premiumtips-on-reducing-premiums

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Tips for Reducing your Life Insurance Premiumtips-on-reducing-premiums
November 07, 2016
It is not possible to negotiate the basic premium rates offered by insurance companies. However, by keeping the following points in mind, you can surely reduce the costs incurred on premiums.

Tips on reducing premium

  • Mode of Premium payment as annual

    Choosing the annual mode of payment reduces the premium cost. Insurance companies add extra charges to cover additional costs incurred by them if you pay multiple premium rather than a single yearly premium. These additional charges increase insurance cost thus ultimately increasing your premium amount.

  • Start at a young age

    The premium of insurance plans increases with age. At a young age, you are medically fit and physically sound. This helps in reducing the insurance cost and in turn reduces your premium amount.

  • Tenure of the policy

    The longer the term of the policy, lower will be the premium. Longer duration polices allow you to build the required corpus with smaller premiums.

  • Do not take riders that you do not need

    Additional benefits on policies come with additional charges and increase your cost of premium. You can lower premium costs by opting only for those riders that you actually need.

  • Keep yourself Fit

    Health related issues, disability problems, smoking and drinking habits, risky lifestyle, all add to the insurance cost thus increasing insurance premium. Keep yourself healthy and fit to get the benefit of lower insurance premiums.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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