POSTED BY November 20, 2013 12:56 pm COMMENTS (6)
ONHi Manish,
I am 23 years old and already have a Aegon Religare term plan of 5o lakh with all riders till age of 75 years. I was checking if I should buy another plan.
I was checking other companies plans but observed that the max policy tenure is around 30 years. This means that if I buy another plan then it will end in my 50s. But, my average working age would be around 65. So, I was thinking that probably I should wait for another 8-10 years and then buy another term insurance plan. At that time, my dependencies and priorities may also change.
What do you think about it?
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Interesting conversation! Yes, you can opt for second term insurance policy. It is good to have two so that you don’t solely depend on one. I have also taken term insurance policy from Birla Sun Life since they were up to my expectations and of course at a reasonable premium. Think twice before making a decision. It is always better to consult a financial advisor before making a final decision. Just for your reference you can check the host of plans Birla Sun Life is offering.
http://insurance.birlasunlife.com/Pages/Individual/Our-Solutions/Protection-PlanDetails.aspx?PlanViewMode=ProductVariation4&PlanID=28
Best of luck. 🙂
Dear Gaurav, only you can answer this, if rain is to come today, what benefit ‘ll you get from umbrella to be purchased tomorrow?
Thanks
Ashal
Dear Gaurav, if you feel that you do need Term cover till age 75, so be it. Please purchase accordingly. Yes splitting your cover in 2 companies is OK.
thanks
Ashal
Actually, I think I need cover till age 65. But none of the policies except aegon religare (which I already have) cover for that long. sa I am only 23 years in age.
So, when do you think is the best time to purchase my second policy?
Dear Gaurav, do you really need term cover till age 75?
Thanks
Ashal
Yes, I agree. But I can discontinue the policy anytime. And the premium is also going to remain same throughout life.
What opinion do you have about my question (going for a second policy)?