Consider these 9 things before investing in mutual funds!
What is the right way to invest in mutual funds? How do mutual funds work? What kind of risk is involved? Which fund is right for whom? What things should be kept in mind before investing? Watch this video to know-
Life insurance not only provides protection benefits but also many other benefits. For example, some life insurance plans can help you save taxes and make money. However, while buying a life insurance plan, your priority should not be to make money but to protect yourself as well as your family. Most of the policyholders want to buy life insurance with a low premium.
As a buyer, you can bring down the premium on insurance policies in many ways. Here’s how:
Buy insurance at a young age
It is better to buy life insurance at a young age. Not only do you get the benefit of lower premiums, but your proposal form also gets processed faster. You can increase the sum assured later as the responsibility increases. According to experts, the age of 28-30 is the best for this.
Healthy lifestyle
Your premium along with age largely depends on the type of lifestyle you have. If you want to keep the premium low, then smoking and consumption of alcohol should be clearly avoided. While filling the proposal form, you should give correct information about these habits. If you smoke or drink alcohol and hide the fact on the proposal form, then it will be considered as fraud and the insurance company may deny you the claim later.
Similarly, you may have to undergo a medical test at the expense of the insurance company. If the test reveals any risky medical condition, you may have to pay a higher premium. In such a situation, you are advised to adopt a healthy lifestyle with proper diet and exercise.
Compare policies
Before buying a policy, first, compare several policies thoroughly. A comparison should be made between the premium, claim settlement ratio, total cover amount and features offered by different policies. You can also take the help of online websites for this work.
Keep in mind these things while buying a rider
Riders should not be bought without any reason. Rider means taking other facilities along with the policy. Companies try to woo the customers by offering cheap riders but they should be bought according to the need. Riders add to your premium burden.
Buy online
With digitization, buying a policy has become a lot easier. You can buy a policy in just a few clicks. Most of the time, you have to pay less premium when buying a policy online than directly from the insurance company as there is no intermediary involved. In this way, the insurance company saves the commission and its benefits are passed on to the customers in the form of low premium.