Schedule a call Click here
Give missed call to buy +91-9980970424
Contact Us
For NRI Customers
(To Buy a Policy)
(If you're our existing customer)
For Online Policy Purchase
(New and Ongoing Applications)
Branch Locator
For Existing Customers
(Issued Policy)
Fund Performance Check
Login
Customers
Employees
Partner
Tips for Reducing your Life Insurance Premiumtips-on-reducing-premiums
November 07, 2016
- Mode of Premium payment as annual
Choosing the annual mode of payment reduces the premium cost. Insurance companies add extra charges to cover additional costs incurred by them if you pay multiple premium rather than a single yearly premium. These additional charges increase insurance cost thus ultimately increasing your premium amount.
- Start at a young age
The premium of insurance plans increases with age. At a young age, you are medically fit and physically sound. This helps in reducing the insurance cost and in turn reduces your premium amount.
- Tenure of the policy
The longer the term of the policy, lower will be the premium. Longer duration polices allow you to build the required corpus with smaller premiums.
- Do not take riders that you do not need
Additional benefits on policies come with additional charges and increase your cost of premium. You can lower premium costs by opting only for those riders that you actually need.
- Keep yourself Fit
Health related issues, disability problems, smoking and drinking habits, risky lifestyle, all add to the insurance cost thus increasing insurance premium. Keep yourself healthy and fit to get the benefit of lower insurance premiums.
Similar Articles
Term Plan Articles
Investment Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
Popular Searches
- Best Investment Plans
- What is Term Insurance
- 1 Crore Term Insurance
- Short term saving plan
- Saving plans
- ULIP Plan
- Health Plans
- Child Insurance Plans
- Group Insurance Plans
- Long Term Savings Plan
- Fixed Maturity Plan
- Monthly Income Advantage Plan
- Pension Calculator
- BMI Calculator
- Compound Interest Calculator
- Term insurance Calculator
- Tax Savings Investment Options
- 2 crore term insurance
- 50 lakhs term insurance
- annuity plans
- Investment Calculator
- get pension of 30000 per month
- ULIP Returns in 5 Years
- investment plan for 5 years
- investment plan for 10 years
- 50-Lakh Investment Plan
- guaranteed returns plans
- sanchay plans
- Pension plans
