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Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

Life insurance serves as an ideal tool to help you cover the risks associated with uncertainties in life.

  • Jun 20, 2019

Life insurance serves as an ideal tool to help you cover the risks associated with uncertainties in life. A life insurance plan will provide your family with adequate financial security in your absence. It is one of the most effective ways of securing the financial future of your loved ones. The sum assured will be paid to the nominees in case of an untoward event. If you survive the term, you will be entitled to receive maturity benefits as well.

Difference between premiums in life insurance and term insurance

Many are of the opinion that a traditional life insurance policy and a term insurance plan are the same. A traditional term plan does not offer any maturity benefits to the policyholder. It only offers a death benefit in the case of the policyholder’s demise during the term of the plan. However, as mentioned above, a life insurance plan offers benefits on survival. In addition, term life insurance premiums are economical as compared to the premium payable in case of a traditional life insurance plan.

Ways to reduce life insurance premium without affecting the total coverage

Listed below are different ways, which can help you reduce your term life insurance premium rates.

  • Keep occupational activities in mind

Various professions come in the category of high-risk activities. You need to keep them in mind when you buy an insurance plan. These high-risk professions include defense activities, adventure sports, the chemical industry, and firefighting, among others. In cases like these, there will be a high insurance premium. Hence, if you are into any of these professions, you will have to pay a high premium amount. Hence, you need to give deep thought before pursuing any of the above-mentioned activities, as these could impact your insurance premium.

  • Stop smoking

It is a well-known fact that insurance companies charge higher insurance premiums for smokers. This is because of the risk associated with their health. The insurance company does not consider the frequency of smoking. Whether you are a ‘chain-smoker’ or an ‘occasional smoker’, an insurance company will consider you as a smoker, and you will be a high-risk investment for them. The term insurance premium will be high for smokers. Hence, if you are a smoker, and wish to reduce the payable premium amount, you need to stop smoking.

  • Inform the insurance company about pre-existing medical conditions

You might be asked to go through a medical test at the time of purchasing a policy. You need to be very honest about your health conditions during that point of time. If you have any pre-existing medical conditions, you need to define them and document the same. Many insurance companies charge a higher premium for applicants who have a pre-existing condition because it increases the risk for the company.

You need to be very transparent with the insurer while buying the policy. If the insurance company discovers that you misrepresented any medical information, they could refuse your claim at a future stage. Keep these three factors in mind if you want to enjoy a low premium amount on your life insurance plan.

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Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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