Factors Affecting Insurance Premium

Did you know losing weight, quitting cigarettes or alcohol have more than just health benefits? If you are planning to buy health or life insurance, these factors can help you to reduce your premium amount. Buying or selling an insurance policy is based on the basic principle of ‘utmost good faith’ between the insurer and the client. And for this, the client needs to make relevant declarations at the time of buying the policy. Hiding a few facts may help you buy a policy where you need to pay lesser premium but “the insurance company won’t pay the claim if there’s lack of appropriate declaration and misinformation to reduce the premium amount from the proposer’s side, a company won’t be able to price that risk accordingly,” said Bhaskar Nerurkar, Head, Health Administration Team, Bajaj Allianz General. So, non-declaration may have an...