Last Update: January 30, 2023, 15:32 IST
Remove unnecessary add-ons.
Since letting your policy lapse is not a profitable option, your only option is to control the premium at the time of renewal of the policy.
While the unpredictability in life makes it essential to have a life insurance policy to cover any unfortunate eventuality, policyholders are finding it difficult to cope with the high premiums coupled with rising inflation. Since letting your policy lapse is not a profitable option, your only option is to reduce the premium at the time of renewal of the policy. We take you through 5 ways by which you can significantly reduce the cost of premiums. Talk to your insurance provider keeping these factors in mind and you will see how you can get a substantial discount on the premium.
Comparison with other market policies:
Before applying for renewal, compare your coverage with other insurance currently in the market. You can change your insurance carrier if you feel that some other company is providing you more features and services than your current insurer. If you do mention changing insurance providers, you may find that the current provider will attempt to lure you in with cheaper alternatives.
raise the deductible
The money that an insured promises to pay out of pocket while making an insurance claim is called the deductible. This is a fixed amount. The more you increase the deductible, the lower your premium will be. In the event of an unfortunate event, the deductible must first be paid to the hospital before the insurance coverage begins.
size of insurance cover
According to experts, if the premium of the main insurance is particularly high, you should limit the amount of coverage and buy a top-up health policy at the same time. However, the waiting time for your new top-up policy may be up to 45 days.
remove add-on
Remove unnecessary add-ons. This unnecessarily increases your premium. Choose your add-ons according to your needs and remove the add-ons you don’t need.
renew before expiration
Renewing your policy before it expires saves you money. The insurance rate may increase if you renew after the policy expires. Additionally, you will miss out on the potential no-claim benefit. Many businesses reward customers with no-claim bonuses for an entire year without having to file an insurance claim.
read all latest business news Here