If I can't pay my premium what should I do?

1. 

   dhrove
   

   junior member
   Joined: Jun '09
   Posts: 9

   Reputation:17

    

   I m a business man with no fix income, my liabilities are huge can u recommend any insurance plan in which the value of premium can be changed in case of emergency for tat month ??

   Posted 2 years ago #
2. 

   devanand
   

   senior admin
   Joined: Jun '09
   Posts: 94

   Reputation:97

    

   Person with irregular income should opt for single premium policy plans. Since their income is not regualr, the savings may not be substantial for managing the family affairs and in case of non-existence of that earning member it will be "do or die" situtation for other family members to meet their daily expences for the family and social compulsions; therefore such persons must opt for low premium plans with high risk coverage like term assuarnce plans.

   Some of the life insurers are offering these plans with no premium refunfd at the end of the policy term/maturity and some are offering with refund of premium. The best part is that 25 lacs cover for say 20 years term for a person of 35 yaers would cost only rs. 8500 yaerly, rs. 4335 half yearly, and rs. 95775 onetime single payment. But at the event of death during the term of the policy of the insured rs. 25 lacs is immediately paid to his/her legal hiers/nominees under the policy.

   You can think which one would suit your requirement and decide accordingly.

   IBS

   Posted 2 years ago #
3. 

   devanand
   

   senior admin
   Joined: Jun '09
   Posts: 94

   Reputation:97

    

   When an insured find it difficult of submit premium in time, he can excersise the option and request for loan cum revival of the policy.

   By doing so, the premium is credited by raising a loan against the policy at a low rate of interest.

   where, the insured is not at all in a position to pay further premiums + outstanding dues (loan + interest) in that case aslo, he can raise further loan against the policy and contine to maintain the policy coverage.

   At the end of the policy period or in the event of any eventuality, the maturity proceed and/or the claim proceed is paid to the insured / his noiminee after adjustment of the outstanding dues, if any.

   The above is only permissible for Life insurance business, where at least premium is deposited for more than 3 years and policy conditions allow the insured to raise loan under the policy.

   Posted 2 years ago #
4. 

   Anonymous
   

   Unregistered
   
   Posts: 8

   Reputation:8

    

   short term insurance best suits for the person having irregular income.

   Posted 1 week ago #

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