Factors affecting life insurance policy.
Life Insurance policy is a contract between the insurance company and the insured or the policy holder. The objective of buying a best life insurance policy in India is to cover you adequately so that in case of your death, your beneficiary still manages to maintain the same lifestyle. The death benefit can also help pay off debts or overcome the contribution of your earnings. But nevertheless, buying a good life insurance policy covering your needs appropriately is absolutely dependent on you. You have to be very clear about what is dear to you and what you want to cover. If you are the only bread winner in the family then your goal should be to cover yourself adequately. Or if there are other members like your spouse contributing to the earnings, get you and your spouse a good cover sufficient to protect your family in times of crisis. Many people look at life insurance policies critically, but it is the only financial support one can expect in critical times. This is also the reason we pay premium year after year to avail its service. Factors that predominantly affect your life insurance policy are: 1. Age - The younger you are the premium will be cheap. The moments you get old the premium tend to rise. This is because the older you get you are more prone to risks than the younger people. An insurance company does this slotting as per the mortality chart available to them. 2. Sex - The studies has revealed that women folks live longer than men. Thus the premium of a mans life insurance policy is always on the higher side than that of a woman. The researches have justified early death of man because of stressful life they lead, the pressure of being the bread winner, etc. 3. Occupation - If you are a pilot the premium of your policy will definitely be high because your job involves high risk. And the insurance companies charge you for covering the risk. If you are a teacher you are working in a low risk zone so your premium will be lower. 4. Health - Health is often the most important factor, followed by age and sex which affects your life insurance policy. Someone with poor health will have to pay a very high premium, or even be uninsurable. Poor health raises the rates for life insurance policy because it decreases the number of years you are likely to pay premiums and increases the risk of paying a claim early. 5. Lifestyle - If you lead a lavish life then your premium to be paid will obviously be on the higher side. To enable your beneficiary to maintain the same grand lifestyle, you have to cover yourself exponentially. Apart from the above while compare and buying life insurance plan you have to be true and provide accurate details to your insurer. Otherwise your small mistake can mess your policy, your claim can be rejected on the basis of wrong information submitted by policyholder. Make sure you do not make mistakes and provide only the correct data. At Policy Bazaar, you can find the right all type insurance likes life insurance, health insurance , car insurance and travel insurance plan at most competitive rates. You can also find special offers going on from time to time. If any help require regarding to insurance you can call to call center to available such special offers at 0124 457 67 77 and also see website: http://www.policybazaar.com/life-insurance/life-insurance-india.aspx