The trick here is to invest at an early age so that your premium rates would be low and you can lock the price,” said Santosh Agarwal- Head of Life Insurance, Policybazaar.com. Do not buy a policy which you cannot afford. Remember you are buying the policy to cover the financial losses and not merely to save tax every year. “Some standard aspects such as age, gender, policy and premium paying term, and sum assured are among the determining factors to arrive at premium rates for a given individual’s life insurance cover. However, the range of features available in the given plan that enrich the benefits for the customer may also impact the price,” said Gandhi. While buying a pure protection plan or term plan one should know which option is better to get maximum coverage and riders. On the other hand, buying many policies can affect your monthly budget severely. “Term plans are primarily to set up a security fund for your dependents in case of an unfortunate event, hence you should go for riders,” said Agarwal. For example buying a simple term plan may cost you less and provide you a higher cover as compared to the term insurance plans with “Return of premium” option, where the insurer needs to ensure that in the case of customer survival, the entire premium is refunded to them.
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