Skip to main content

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?
Labels:

Comments

  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

Post a Comment

Popular posts from this blog

Quick Guide For Zero Depreciation In Car Insurance

Some parts of your car face wear-and-tear faster than the others and these parts are often referred to as depreciated parts. Once you file for an insurance claim, the insurance company deducts a value equal to the depreciated value of all such parts and does not settle your claim in full. The parts that are made up of rubber, plastic, fiber, etc. fall in this category. If you want to avoid this deduction from the final claim amount, you can avail of a zero depreciation car insurance cover. It is also known as nil depreciation cover as it nullifies the deduction from the claim amount due to the deprecated components of your vehicle. The benefits of a zero depreciation car insurance policy are stated below: Comes at a reasonable price  If you have already purchased a comprehensive car insurance policy, you can avail of a zero depreciation car insurance cover at a nominal price. It is because it is an add-on insurance policy that only enhances your claim amount to reduce the part of the
Post a Comment
Read more

Necessary Information On Hospital Cash Insurance Plan

Medical treatments these days are a matter of the huge amount of money. And if you need quality treatment facility from the super-specialty hospitals and clinics you need a medical insurance plan for you and your family. If you are planning for the medical insurance plan with hospital cash cover , then be sure to consult with the best insurance plan provider.  Let us discuss in details. Financial companies such as reputed NBFC Bajaj Finserv and other insurance companies have their own health insurance policies that range from smaller amounts of bigger amounts. All these medical policies fall under the pocket insurance policy scheme. It gives clients the facility to get benefits with minimum investments. The procedure is quick and does not require lengthy documentation. You can get a higher amount of money with such hospital cash insurance to continue medical treatments even for critical patients. Just make sure you read the policy details clearly before you in
Post a Comment
Read more

Know Detailed Information About Acko Bike Insurance

  If you’re a bike enthusiast, you know that it’s important to have the right coverage for your bike. Acko Bike Insurance provides comprehensive coverage for bikes, offering a range of plans to suit different needs.  Acko Bike Insurance is an insurance product from Acko General Insurance, a digital-first insurance company based in India. It’s an innovative product that provides comprehensive coverage for two-wheelers, offering a range of plans and features to meet the specific needs of bike owners.  Acko Bike Insurance provides coverage for a range of bikes, from standard models to high-end bikes. The coverage includes accidental damage, theft, fire, and natural disasters. It also covers legal liabilities, including for third-party property damage and bodily injury.  The main benefits of Acko Bike Insurance are the comprehensive coverage and the flexibility of the plans. You can choose from a range of plans, each with its own set of features and benefits. You can also customize the co
Post a Comment
Read more