If you want to keep the life insurance policy premium low and get the most out of the policies, then take the policy at a young age. Also it is important to buy a term plan and avoid unnecessary riders.
New Delhi: Nowadays almost everyone has a life insurance policy but sometimes there comes a time when his premium is heavy to pay. Especially the Kovid-19 epidemic has affected the economic condition of many people. Today we know that keeping in mind the premium of life insurance policy can be reduced, so that there is no problem later.
– Most importantly, try to buy life insurance at an early age. The best time to buy life insurance is considered to be 28 to 30 years old. Since the risk of disease etc. is less at this age, companies charge a lower premium but as age increases the premium increases and unnecessary burden is placed on the pocket.
Always choose the policy wisely and after taking expert advice. The term of life insurance is right, that is, neither too short nor too much. If reduced, the policy will be terminated before the completion of your financial responsibilities. At the same time, the premium burden will increase as the term is longer.
– Term Plan ( Term Plan ) should always be the best decision. One, through this you can get big coverage at a low premium and can also give necessary protection to your family. However, be careful while taking a term plan. Treatment of critical illness and other rider can be included in the term plan, so take advantage of it if needed. According to experts, a person of 35 years should take a cover of 10 to 15 times of their annual income. However, no money is received when the term insurance matures, if the money is needed back then such term plans are very expensive.
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– Before taking a policy, compare between several types of policies. Compare their premium, claim settlement ratio, total cover amount and facilities available. To get help in this work, seek advice from the expert or do it with the help of various websites online.
Never buy a rider. Even if companies give you cheap rider, but buy them according to need. Otherwise these riders will increase your premium burden. Rider means taking other facilities along with the policy. This includes critical illness, exemption from premium, accidental death, permanent or partial disability and income benefit rider etc.
