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Factors that increase Life Insurance Premium

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Factors that increase Life Insurance Premium


Apr 29, 2022

By : Bajaj Allianz Life

Life Insurance is an essential financial product that helps you secure your future as well as your family’s financial status. By purchasing a life insurance plan, you get the benefit of a life cover from your insurance provider for a specified period of time. If something untoward happens to you during this period, your insurer will pay out the death benefits guaranteed under the plan to your nominees. To continue enjoying these benefits, you will have to pay life insurance premiums to your insurance provider periodically.


Factors that Affect Life Insurance Premium


The life insurance premium that insurers charge depends on a number of factors. Here is a closer look at the top parameters that influence life insurance premiums.


● Gender

The gender of the insured person affects the life insurance premium charged. It is generally lower for women than for men, since the former have a higher life expectancy.


● Age

The younger you are when you buy a life cover, the lower your premiums will be. For the same amount of cover and policy term, a 25-year-old person will be charged a lower premium than a 30-year-old.


● Sum assured

The higher the sum assured is, the higher the premium will be. This is because your insurer is offering you a higher amount of coverage, and therefore, is taking on a higher amount of risk.


● Policy term

The longer the policy term is, the higher the premium is likely to be. This is because the mortality risk of the insured person rises with each passing year.


● Lifestyle

Lifestyle habits like smoking and drinking, and hobbies like engaging in adventurous sports or dangerous activities will also affect the premium.


Ways to Reduce Life Insurance Premium


Now that you know more about the factors that influence life insurance premiums, you can get a better idea of the different ways in which you can reduce the cost of a life cover. While you cannot change the amount of life insurance premium that insurers charge, you can take certain measures to ensure that the life cover you wish to buy is more affordable for you.

Here are some ways that may help in making the life insurance premiums more affordable.


• Buy your life insurance at an early age

The younger you are when you buy your life cover, the lower your costs are likely to be. This is because from the insurer’s perspective, your mortality risk is lower when you are younger. So, the premium they charge also reflects this reduced risk and tends to be lower. So, it is always preferred to buy your life insurance cover at an early age.


• Stay fit and in good health

The healthier you are, the lower your life insurance premiums will be. This is again because of the reduced mortality risk in a person who is fit and in good health. So, remember to exercise regularly and eat a balanced diet, to reduce the probability of developing any ailments or illnesses, as insurers tend to charge higher premiums for people with illnesses or diseases. In certain cases, the insurer can decline to give cover due to existing illness or disease.


• Give up harmful lifestyle habits

Poor lifestyle habits like smoking and drinking alcohol will increase your chances of being charged a higher premium by your insurer. The reason behind this is habits like smoking tend to reduce the life expectancy of an individual.


• Buy your life insurance online

Lastly, consider buying your life insurance plan online. This can help bring down your premiums to make it more affordable , since the insurer saves some costs and passes on these benefits to you in the form of reduced premiums.


Frequently Asked Questions


1. How can I know the life insurance premium that I have to pay for any plan?

You can make use of a Life Insurance Calculator to check the premium for your plan.

Alternatively, you can contact your insurance provider for the details or check their website for the premium rates.


2. What is the earliest age at which I can buy a life cover?

The exact minimum age for buying a policy varies from one life insurance plan to another. You can check the policy details and terms & conditions for the minimum age allowed.


3. What happens if I don’t pay my premiums?

If you do not pay your premiums on time, the policy and its benefits will lapse after the grace period is complete.




This should give you a better idea of how the life insurance premium is affected by different factors, and how you can reduce your life insurance premium with a few strategies. Remember to also pay your premiums on time, once you have purchased an affordable life cover. Only then will your life cover continue to remain valid over the policy term you have chosen.


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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.