I am 43 years old. I have taken LIC’s e-Term policy for 2 Cr for next 22 years about a week back. The premium cost is Rs.70, 000/- per year.
I am on second thought now whether I should cancel it and opt for one of the following options:
- Reduce the time period from 22 to 15 years
- Chose HDFC life plan where they also have permanent disability option with nominal extra premium.
Given that I can afford to continue the current LIC e-Term policy as well I seek your suggestion on the same.
Stirumalasett-In my view if the premium cost is not an issue then stick to LIC. Because to reduce the premium you are compromising on your insurance need by reducing the term of policy, which is not a good sign. At the same time, don’t buy bundled product with riders. Stick to pure term insurance and buy accidental or critical insurance products from general insurance companies.
Thank you very much for your prompt response as always.I will stick to LIC for Term Insurance and look for accidental or critical insurance products from general insurance companies.