You want to evaluate all of these items instead of simply making a decision
based on premium amounts because these things combined are what comprise the true value of a policy.
The maturity and death benefit of the plan
depends on the premium amount and the policyholder is free to choose any premium amount depending on his requirements and affordability.
When you buy a liability cover, a personal accident cover is provided for the rider - owner
on a premium amount of Rs. 50 for a sum insured of Rs. 1 lakh.
There can be a possible decrease in your premium amount, as the mortality rates has been revised to give more margin
on the premium amount for the policy holders.
Credit has a bearing
on the premium amount because statistics show that creditworthiness can be a predictor of whether or not an individual will lapse on their policy.
So by buying a term insurance policy at an age of 28 years he was able to save
on the premium amount in comparison to what he had to pay at an advanced age.
However, it is advisable not to base your decision
merely on premium amount but choose the life insurer of whom you are confident and the policy that suits your needs.
There are many insurance companies which offer a family discount ranging from 10 % to 20 %
on the premium amount for insuring your family members under the same health plan.
Regular Guaranteed Income is paid after the completion of the Premium Paying Tenure till the end of the term @ 11 % - 13 % of the Sum Assured depending
on the premium amount paid and the premium paying term chosen.
A New York - based study on auto insurance
focusing on the premium amounts paid by teenage drivers show that age is a crucial factor in the way insurance companies calculate premiums for insurance coverage of vehicles.
Undoubtedly, the premium is an important consideration; yet, one shouldn't make the porting decision based
only on the premium amount.
When you are a responsible rider and you don't file a claim for your two - wheeler insurance during an entire year, you get a deduction
on your premium amount which is known as No Claim Bonus (NCB).
Savings on premium amount paid — If you go through a claimless year, you can avail the no claim bonus (NCB), which offers you a discount on your premium.
plz tell me i should go for only lic or i can take other private plans also?if i should take lic only thn what r its benefits?i should
concentrate on premium amount or claim settlement ratio?how about going for money back insurance plan?i can take lic plan online or nt?if nt thn latest by whn i can expect it?
While the Tuition Fee Support Fee and the College Admission Fund is a fixed amount
depending on the premium amount and variant, the Higher Education Reserve is calculated as the maturity Sum Assured net of the Tuition Support Fee and the College Admission Fund already paid.
Irdai could push insurance companies to consider risk cover as the criterion for continuation of an agency and not
focus on the premium amount.
The sum assured on death amount is 125 % of the basic sum assured or 10 times the annualized premium, whichever is more and is not lesser than 105 % of the total premiums paid by the policyholder until the time of his / her demise (this is not inclusive of
taxes on premium amounts and extra, and rider premium amounts if any)