In the competitive world of insurance business, the success of a life insurance company is mainly depends on the numbers of the installments and fixing up the rates of premiums correctly. There are some factors in the governing of the rate of premium in a life insurance company. These are explained in the given below.
1. Proposed insured sum The rate of premium is specially depends on the proposed insured sum in a life insurance policy. If this kind of insured sum is high, then the rate of premium is also generally high. If it is lower, then the rate of premium is also low. 2. Time period of insurance policy The rate of premium is also depends on the time period of the life insurance policy. According to the all right, if the time period of the life insurance policy is for long time then the rate of premium will be lower and if it is for short time then the rate of premium will be higher. 3. Nature of risk To fix up the rate of premium in a life insurance policy, the nature of risks should be bringing in special consideration. Higher risks generally cause higher rates of premiums. If there are lower risks, then the rates of premiums are also being lower. Here some things of the policy taker means insured are noteworthy. These are: the age of the insured, profession, physical condition, character and habit, family history, residence, financial ability, education and standard of living are important that should be considered. 4. Nature of insurance policy The nature of the life insurance policy is also notable to fix up the rate of premium. The premium rates are lower in a whole life insurance policy than in an endowment life insurance policy. Without any profit in an insurance policy there also the rate of premium is higher than in an insurance policy with profit. 5. Investment facilities The money getting from the policy taker as premiums, the life insurance companies can invest them in profitable businesses. If there are good investment facilities, the insurance companies can do their business well and smoothly. 6. Management expenses The management expenses are also plays a vital role in the fixing up the rate of premium. If the expenses are higher then the rate of premium is also be higher. If the expenses are lower then the rate of premium is also lower. Above the factors are really important to fix up the premium rates in a life insurance policy.
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