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Tips to reduce life insurance premium without affecting coverage
Following are the important ways in which the life insurance premium can be reduced without affecting the total coverage:
- Keeping occupation/activities in mind: There are certain professions that come under the category of high-risk activities. These may include professions or activities like adventure sports, fire-fighting, defense activities, chemical-industry etc., among a range of other activities. In such cases, generally the insurance providers charge heavier premiums. Therefore, due thought must be given to the activities that one pursues as this directly impacts the premiums that are payable.
- Habits like smoking: Notwithstanding the frequency in which you smoke, insurance providers always treat smokers as a high-risk investment. This means that the payable premiums for a smoker are always higher than those for non-smokers. These unhealthy habits have a direct impact on the payable premiums and therefore, must be avoided in order to reduce the premium.
- Pre-existing health conditions: At the time of purchasing the policy, when the requisite tests and medical documentation is to be done, the health conditions are to be declared. At this time, at the very outset, if there are any pre-existing health conditions, they have to be defined and documented. Most insurance providers do not offer coverage against any pre-existing conditions, especially if the condition is critical or life threatening, as this increases the risk-probability of fatality after policy purchase. However, there are certain insurance providers who do offer coverage benefits at very high premium rates. Therefore, the existence of any pre-existing health conditions leads to higher premium rates.
HDFC Life offers term insurance plans that offer diverse and extensive benefits for securing the financial strength of your family. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.
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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.
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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.
HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: Buyonline@hdfclife.in, Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
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