I am 35 years old and want to go for term insurance.
I already have LIC Jeevan Anand policy for 8 lakhs which will mature in 2027.
I am planning to take LIC E Term Plan for 75 lakhs for 30 years (I will be 65 years old at the end of this policy) to cover the risk till my daughters marriage who is two years old currently and Max Life Plan also for 75 lakhs for 25 years (to cover the risk for my daughters education).
I want to split the risk between two companies just for the sake of reliability (lic) and to keep the total premium payment around Rs25000.
Kindly advice if the above companies are ok or do you recommend some other plan/company.
Also, kindly share your feed on max life regarding payouts, etc.
Look forward to hearing from you.
Kapil-For me both are good. No need to worry. However, after buying the first one, don’t forget to mention the existing insurance with second insurer. I respect your idea of linking term insurance based on goals. However, once the individual goals completed, then you may end up in low insurance or totally NIL insurance. Instead, I suggest to buy single term insurance up to your retirement (considering the current values of future expenses up to retirement and current values of future goals of dependents).
Thank you so much for your inputs.