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How to Save on your Life Insurance Premiums

How to Save on your Life Insurance Premiums

Is the dreadful thought of paying a hefty amount of premium every month keeping you from buying an insurance plan? We've got just the solution you need. While you have to regularly pay the premiums to keep your life insurance policy active, you can certainly ensure that you don't spend a huge amount on them.

Follow these tips to keep your life insurance premiums low:

Start in your Twenties

The twenties are a sweet spot when the degenerative effects of age haven't got to you. However, this is exactly why you ignore the importance of insurance. Moreover, you may not even have enough responsibilities to remind you that you need to prepare for the future. However, if you invest in insurance early in life, not only does it come with better eligibility criteria but you also pay a lower premium each month

Adopt a Healthy Lifestyle

Adopting a healthy lifestyle is not just a good habit, but it can also help you get a life cover for a lower premium. This is because Life insurance providers today stringently scan medical history before deciding upon the Life insurance premium amount. Lifestyle choices, such as smoking, significantly impact the premium you pay. In fact, long-term smokers have to usually shell out up to 50% more premium than those who abstain from this detrimental habit. Therefore, maintaining a healthy lifestyle plays a huge role in considerably bringing down the insurance premium you will be charged.

Choose the Right Tenure

It is recommended to opt for a long tenure so that the premiums charged are spread over a longer duration and hence be considerably lower for each instalment. Moreover, in case you decide to opt for a shorter tenure and then buy another plan once it gets matured, you will end up paying much higher premiums for that second plan. This is because insurance premiums tend to increase with age. So, it is wiser to think thoroughly before opting for your policy tenure.

Compare Insurance Policies before Signing the Contract

While every provider offers the standard benefits of a life insurance policy, some may offer added benefits or customize a plan as per your requirements. The iSelect term plan, for instance, provides complete flexibility when it comes to choosing the terms of the plan. It comes with a built-in terminal illness cover and an optional accidental total and permanent disability cover. Not just that, if opted for at the start of the policy, you also get an option to increase your life cover as and when your responsibilities do. What's more, you get four payout options to select from depending upon your family's financial needs.

Opt for a Plan that Offers Spouse Cover

In case you decide to buy a Life insurance plan separately for your partner, you will end up paying double the amount as premium. So, it is wise to go for a plan that offers an optional spouse cover at a reasonable rise in premium. The iSelect Smart360 Term Plan provides an option to cover your spouse under the same plan up to a fixed amount of INR 25 lakh.

Opt for a term plan

Term plans are the most affordable insurance plans available today. They offer life cover for a specific tenure for nominal premiums. They also come with optional or built-in riders such as cover against terminal illness and accidental and permanent disability. You also get to save some a significant amount of money every financial year courtesy tax benefits (up to INR 1.5 lakh) under Section 80C.

Term plans, therefore, offer comprehensive coverage at inexpensive rates so that paying your monthly premiums doesn't cause a strain on your budget. The iSelect term plan, for instance, provides you with a cover of INR 1 crore starting at INR 365 a month.

Now that you know how you can save on your insurance premiums, why delay getting an insurance plan to safeguard your family's well-being? Take the wise step today and rest assured that the promises you make to your family will be kept no matter what.

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