LifeInsurance

LifeInsurance,
The most important and useful information about life insurance

Ignorance of law is no excuse whether it is life at large or business. The same is equally true when it comes to buying lifeinsurance or any other insurance. Here, as everywhere, there is a smart way to play the game by rules. There are ways that can help you reduce premium cost and maximise your policies.

Firstly, most insurers give you the option of paying your premiums yearly, half-yearly or quartly for your lifeinsurance policy.
secondly, the premium payable comes down with an increase in sum assured. Thus, when considering buying two similiar insurance policies in a particular year, buying a single insurance policy for a higher sum rather than buying individual policies coming up to the same value makes more financial sense.
Finally, attaching a term plan rider to a base endowment plan (rather than buying a separate term cover and an endowment plan) can save you significant amounts in premium. The same principle applies when you want to attach a health cover rider to a base lifeinsurance policy, rather than buy a separate Mediclaim cover. While the premium on a mediclaim cover goes up with age, the premium on a health plan rider is fixed throughout the policy tenure.