I have been paying premium of 10K INR annually for past 5yrs for a Term Insurance Policy carrying value of 35Lacs INR.
I wanted to know whether i can jump to new term insurance plan as we see today we can get more the 35L cover by premium of 10K INR,
As my Term insurance premium is usually due in Jan every year, instead of paying to existing insurance can we switch to some new with objective of getting higher cover in near about same amount of premium.
What if you get one more cheaper plan the current NEW one after few more years? Will you again close this new one and move to one more??
Don’t do that. Instead, enhance the cover to match your life risk.
ok, fine. Glad to receive your opinion. Thanks a ton !!
With the cover and premium ratio, I suspect that this could be fro LIC (I am glad that you have not taken some Endowment plan from some ‘distant uncle’ like most of our generation has). I suggest you to just stop this and take it from Agon, Edleweiss etc. If you are not goiing to hide anything, just don’t bother about claim settlement ration. More than that you need to inform your dependents about this policy. You could get at least three times the coverage with that premium.