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POSTED BY ON September 2, 2014 9:21 am COMMENTS (2)
Sir,
My age is 33, married with no children. Annual income of 900000 . I feel I’m paying way too much towards my Insurance per year. Still under insured please help.
Let me if I should cancel any of the above policies and buy a fresh one ,if yes please suggest the name.
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Thumb rule is you should be insured 20 times of your PA salary
i.e. you should be insured min 2 crs. but you can go for 1.5 cr also.
cancel your ne bima gold this is money back plan and also one of from tarang & anand.
all traditional insurance plan gives 6 to 7 % return. invest in PPF
go for term plan other than LIC & max newyork both are costly
preferrably go for Kotak, HDFC, ICICI, SBI Life
Pls dont ask to LIC agents because they always speak this is govt company.
Cancelling of any policies is not always a good suggestion. However, I think you should ask for Surrender Value for each of them. You would be able to know the actual amount you paid till date and the amount LIC is returning back. This way u can decide. Ask your LIC agent to provide you this statement.