Note that the base premium of a life insurance policy also depends on the age, gender as well as smoking habit.
QUOTES ABOUT LIFE INSURANCE HOW TO
How To Get Best Life Insurance Quotes at InsuranceDekho? Life Assured’s Age: The premium amount also depends on the age of the life assured, the older the life assured, the lower is the premium amount. The healthier the life assured, the lower is the premium.Ħ. Life Assured’s Medical History: Another factor that affects the premium of a life insurance plan is the medical history of the life assured. The higher the sum assured, the higher the premium.ĥ. Sum Assured Amount: Sum assured refers to the amount payable to the nominee in case of an unfortunate demise of the life assured. The premium of a life insurance plan depends positively on the policy term, thus, the longer the policy term, the higher the premium and the longer the time you are covered.Ĥ. There are various insurers that also offer whole life term insurance plans, wherein the life assured is covered till 99 years of age. Policy Term: Every life insurance plan is valid for a certain number of years which is known as the policy term. Unhealthy lifestyle habits like consumption of alcohol or tobacco attract relatively higher premium rates.ģ.
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Life Assured’s Lifestyle Habits (Alcohol/Tobacco Consumption): The premium of a life insurance plan is also a factor of the lifestyle habits of the life assured. For instance, the premiums of decreasing term plans are relatively lower than increasing or convertible term plans.Ģ. Type of Life Insurance Plan: There are different types of life insurance plans, the premiums for which are also different. Following are some of the factors which affect the premium quote of a life insurance plan -ġ.