POSTED BY November 25, 2012 11:25 pm ONE COMMENTON
I am asking a commonly asked question and seems to know the answer. But I have been confused by my LIC agent, please help.
I have a four year old Jeevan Mitra Policy (Triple Cover) with Sum Assured of 2 lakh (maybe 6 lakh considering its cover) due for premium payment this month. just 4 months ago I took a term insurance from Aviva with sum assured of 1 crore.
Premium for both of them is almost same – around 8k. I also have critical illeness rider with Aviva for 10lakhs sum assured for additional 3.5K premium.
##NOW the confusion part: I was hell bent on discontinuing LIC policy considering it gives very less cover and I have enough coverage from term insurance. but the LIC agent told me that you can’t trust private insurers and shud have a back of LIC in case anything happens to you. He reasons for just 8k you have a back up in case Aviva wont respect your claim in case of loss of life.
My liabilties include 26L home loan and a kid to support that’s why I covered myself.
Do you think I should listen to LIC agent? I have taken every care while taking Aviva policy – health check up, family history, declaring all policies etc.
Please do help. many thanks in advance.