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News From Press Buying life insurance? Why premium rate should not be only deciding factor

Buying life insurance? Why premium rate should not be only deciding factor

Source: Moneycontrol Sep 13, 2017

Are you scouting for a life insurance cover? You may be comparing insurance plans and considering buying a cover that comes with the cheapest premium payment. But is that a good way to shop for an insurance cover?

“Premium should not be the single factor influencing the purchase decision of the buyer. The need of the customer, supporting features of the product and benefits are essential to evaluate. It is important for an individual to carefully weigh the product features as per their own suitability and life stage,” said Rushabh Gandhi, Director - Marketing and Sales, IndiaFirst Life Insurance.

Generally, if one buys an insurance plan early, say in their 20s, the premium will be less than if you are in your 30s, 40s or even later. However, one should know that the premium applicable to you depends on a various other range of factors also. Therefore, one should not totally depend on factoring lower premium price only.

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