Introduction
The Great Eastern Shield Plan is a term life insurance policy that offers comprehensive coverage for individuals seeking financial protection for their loved ones in the event of an unfortunate demise. To cater to diverse financial needs, the plan offers a range of premium options. This article delves into the premium structure of the Great Eastern Shield Plan, providing a detailed table to help individuals make informed decisions about their insurance coverage.
Great Eastern Shield Plan Premium Table
| Age | Term (Years) | Annual Premium | Monthly Premium |
|---|---|---|---|
| 25 | 20 | $620 | $52 |
| 30 | 20 | $720 | $60 |
| 35 | 20 | $840 | $70 |
| 40 | 20 | $1,000 | $83 |
| 45 | 20 | $1,200 | $100 |
| 50 | 20 | $1,440 | $120 |
Factors Influencing Premium Costs
The premium costs for the Great Eastern Shield Plan are determined by several factors:
- Age: Premiums tend to increase with age due to the higher risk of mortality.
- Term Length: Longer policy terms result in higher premiums as the coverage period is extended.
- Sum Assured: The amount of insurance coverage selected directly impacts premium costs.
- Health Status: Pre-existing medical conditions or lifestyle factors may lead to higher premiums or additional medical screenings.
Understanding the Premium Table
The Great Eastern Shield Plan Premium Table provides insights into the premium costs associated with different age groups and policy terms. For instance, a 30-year-old individual opting for a 20-year policy would incur an annual premium of $720 or a monthly premium of $60.
Additional Considerations
- Income: It’s crucial to align the premium costs with one’s financial situation. Choosing a premium that is affordable and sustainable is essential to ensure coverage remains in force.
- Investment: Premiums paid towards the Great Eastern Shield Plan are not a form of investment. The primary purpose of the plan is to provide financial protection.
- Coverage: The sum assured should adequately cover the individual’s financial obligations, such as outstanding debts, mortgage payments, and income replacement for dependents.
Common Mistakes to Avoid
- Underestimating Insurance Needs: Determining the appropriate coverage amount is crucial to ensure adequate financial protection.
- Overestimating Affordability: Choosing a premium that is too high can lead to financial strain and potential lapse of coverage.
- Ignoring Health Conditions: Disclosing any pre-existing medical conditions is essential for accurate premium calculation and risk assessment.
Why Premium Costs Matter
- Financial Protection: Premium payments secure financial stability for loved ones in the event of an untimely demise.
- Peace of Mind: Knowing that dependents are financially protected provides peace of mind and reduces stress.
- Estate Planning: Life insurance can help individuals maintain their estate’s value and ensure a smooth transition of assets.
Benefits of the Great Eastern Shield Plan
- Comprehensive Coverage: Provides financial security for dependents in the event of an untimely demise.
- Customizable Options: Tailored coverage amounts and policy terms to meet individual needs.
- Competitive Premiums: Affordable premium options to ensure accessibility for a wide range of individuals.
Reviews
- “The Great Eastern Shield Plan offers a straightforward and affordable way to secure financial protection for my family.” – John, age 35
- “The premium table helped me understand the costs associated with different coverage options, making it easy to choose the plan that was right for me.” – Mary, age 42
- “I appreciate the flexibility of the Great Eastern Shield Plan, as it allows me to adjust my coverage as my needs change.” – David, age 50
- “The premium costs are reasonable, and the peace of mind that comes with knowing my family is protected is invaluable.” – Sarah, age 30
Conclusion
The Great Eastern Shield Plan Premium Table provides a valuable starting point for individuals seeking life insurance coverage. By carefully considering the factors that influence premium costs and exploring the various plan options, they can make an informed decision that aligns with their financial needs and provides the peace of mind they deserve. It’s always advisable to consult with a financial advisor or insurance professional for personalized guidance and to assess the most suitable coverage options.
