Online term insurance rates differ according to what plan type buyer’s own. Insurance companies in India have a proper method to calculate life insurance premiums. The method they use decides premium cost. The premium is based on various factors such as gender, age, health status and habits and so on.
Health
For any insurer, health is the leading factor and if the customer really wants to be eligible for policy, then he or she must take care of his body. Usually, insurance companies in India ask to submit the most recent medical reports.
Based on these records, the insurer will analyze how much coverage they are interested to provide you and at what costs. If the customer is having any medical issues, then he will have to pay more health insurance premium.
Age
Age is a very important factor which drastically influences the insurance premium. Insurance companies in India will ask you to pay more if the buyer is too old or looking for a certain insurance plan.
Generally, this happens because old people have more medical issues than younger ones. But, in case of the buyer is older and do not have any medical history, then there are chances that he will get an affordable insurance policy.
Standard of Living
Insurance companies in India will also look at your standard of living. Avoid smoking and drinking alcohol to save your life as well as helps to pay off life insurance cost.
Occupation
In case of high-risk occupation, some life insurance plans contain exclusions. Occupations like mining, astronauts, scuba drivers are considered as high-risk occupations.