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Money-saving tips: Here are five ways to lower life insurance premium

It is necessary to have a policy. But it need not be a burden on your budget

Sarbajeet K Sen 

If you have dependents, having life insurance is a necessity. But most people end up buying an expensive one because, either they do not understand the policy or buy for tax filing purposes. If you plan it wisely, the same scheme will come at a lower cost.

Some tips: Choose the right tenure: Say, if you are 30 and will retire at 60, buy a 30-year cover. Many people buy a cover for a longer tenure and end up spending more. Taking policy for additional years will only increase your current premium, which remains the same throughout the policy term. “Don’t over-insure yourself ...

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First Published: Wed, January 22 2020. 23:01 IST
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