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A brief insight on the factors that determine your insurance premium

Insurance policies are all about securing the future of your assets, your life and your family. Therefore, it is important to make sure that the insurance policy is kept active for as long as you can. It is best to choose an insurance policy whose premium amount is well within your budget. The following section will shed light on a few critical factors that determine the premium amount you will be paying to the insurer.



Your age

The age of the applicant plays a vital role – be it Life Insurance, Personal Insurance, Health Insurance or Automobile insurance. It is best that the applicant applies for an insurance policy as soon as they are eligible for one. For example, parents add minor children to their health insurance plans. However, for an individual health insurance plan, you should get one as soon as possible - the lower the age, the lower the premium you will pay. As you age, the premium on your health insurance goes up.

Your Gender

Even though we live in an equal-opportunity society, the premium paid can vary across genders. For example, men generally pay a higher premium on their vehicle loans as compared to women.

Occupation

Yes, the occupation of a person can have a direct impact on the premium amount paid. For example, people in high-risk occupations like the defence sector (Air Force, Military, Navy), mining sector, commercial aviation, or with the petrochemical industry, are likely to pay a higher premium than people employed with a desk job in a city.

Many other factors can affect your premium amounts. You can read all the details by clicking here - What Factors Determine Your Insurance Premium?
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  1. Unknown28 March 2019 at 17:50

    Hi,

    Thank you for sharing your blog. It provides a lot of relevant information. We, at policy 21st also offer health insurance policy which are full of benefits. We give you facility such as cashless hospitalisation, and also cover the expenses for pre and post hospitalisation. There are benefits of Health Insurance with us. Also, the customers can avail the cashless claim at th network hospitals or get the easy reimbursement.

    ReplyDelete

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