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Why premium on life insurance plans varies across companies
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With growing awareness about insurance, an increasing number of people are buying insurance policies today. However, one of the questions that often gets asked is, why the price for similar offerings is different across different life insurers? Most of the times, you may also find two similar life insurance products in the same company having different premium. Let’s understand this in simple language.
First, we need to understand are we comparing like to like? Key factors for this include:
# Age, Gender, Lifestyle, occupation etc. # Duration of premiums to be paid (premium payment term) and duration of cover period (policy term) # Amount of cover on death (Death Sum Assured) and amount of benefit on survival/maturity # When and how the
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