It’s 2022 now! New Year with a new temporary insurance policy. Today in this article I will tell you about the 8 main factors that will ensure the dominance of your temporary insurance in 2022.
Life insurance gives your family monetary security, if there are opportunities. Guarantors think about a lot of variables before choosing a premium for you. While some variables are under your control, some are not. By making wise decisions, you can get more incentives for your money.
1. Addictions to smoking, drinking
Assuming you include, this is a warning from the guarantor. A smoker pays an amazing premium 51% more than a non-smoker. Basically, in case you drink excessively, the backup plan may charge you more. It is important that you really reveal these realities.
2. The duration of the strategy and the total guaranteed amount
The longer the agreement period, the higher the probability of cases, and therefore you pay a higher premium. Life backup plans today offer lifetime coverage for up to 85 years. Nevertheless, show tact and choose the term that ends with retirement, and a full guarantee that will provide enough for your family. In the model above, you may have to pay 18% more to extend coverage for another ten years.
If you adhere to a protection strategy from the very beginning throughout your daily life, you block lower premium rates. This is because with age, the chances of an accident (due to death) also increase. As necessary, the guarantor expands premium-class tariffs.
For example, a 30-year-old man pays an annual premium of Rs 10,648 for a daily existence for Rs 1 crore for another 30 years. Also within 35 years, it increases to Rs 14,466 or 36% more (for comparative living) according to the latest web statement on the main life backup plan. In this sense, think about buying temporary coverage when you start taking financial responsibility.
4. Calendar or strategy contribution
Regular expense payments are more expensive (by five percent in the above model) compared to paying one amount once a year.
Also, the top tier will be much higher if you opt for a limited premium selection. If you do not have narrow sources of income, you are in an ideal situation to pay standard fees.
In addition, you can save (about five percent) by buying devices online and directly from the backup plan, rather than from an additional security guide. This is due to the fact that the supplier of the safety net saves money on the commissions of the organization and the seller, which are transferred to you in the form of lower commissions.
Indian women are paid a lower allowance than men because of their higher future. It is more likely to withstand years of approaching, women will be offered a lower premium. Using the model above, a 30-year-old woman will receive an agreement comparable to an annual premium of Rs 9,418 or 12% lower.
6. Revelations on well-being
It is also important that you disclose the well-being information correctly to try not to lose claims. An individual clinical history of diabetes or persistent kidney disease may not increase your premium, but heart disease or medical intervention may lead to a waiver of the arrangement. Thus, the subtleties of height and weight indicate whether you are heavy or not.
Sometimes the guarantor may ask you to undergo a clinical trial, assuming that you are looking for a guaranteed high aggregate, or even check your health status.
7. Additional jumpers
Assuming that you are settling on additional riders, for example, to treat an underlying illness or cover an unforeseen death, you pay an additional premium. Using the above model, assuming you add an individual accident coverage jumper worth Rs 2 crore on approach, your premium will increase by 55%. When choosing such racers, make sure that there are no crossovers and you really need them.
8. Your profession
Some jobs tend to be less safe (for example, working in mines or extinguishing fires) and increase the risk of death. Backup plans may subsequently charge a higher premium. Make sure you make legitimate revelations about your profession, including your salary. This is due to the fact that guarantors usually limit the guaranteed amount as a percentage of your current salary.