I now realise the real life cover is the term insurance and not the “vanilla” life insurance plans sold in the market. Considering something happens to me and my family doesn’t have my income then they need a very high cover to sustain for long (I know 3 Cr to sustain for life long wont be enough)
– What plans to choose? Online or Offline? Which insurance provider?
– should I go for an accident rider or take a separate accident policy? As if I’m left with disability or long term bed ridden I need back-up for my expenses
– I had a BSLI Term Insurance for 2Cr in 2012. With annual premium of 24K. It was linked to my credit card and stopped in year as I lost that credit card and was blocked.
– will it give me any benefit if try to reinstate it or go for a new one
– for such high cover should I take single insurance or go for multiple with diff providers (all eggs in one basket?)
-You better to chose online than offline due to cost advantage and ease of buy.
-You must avoid riders. Plan for separate accidental insurance.
-If premiums payment missed, then the policy will be in lapsed mode. Check with insurer for the same.
-Check the premium of new plan at your current age to the BSLI insurance. If you feel reinstating is better than buying new one, then continue the old one. However, you again have to undergo medical examination and all. Reinstating is not an easy process.
-Always stick to single insurer.