Dear Sir/Madam,
Right now I am having four different ULIP policies from four different companies. All Policies are more than 5+ years old. The total sum assured of all the policies are 4, 75,000/- and my annual income at present is 9, 00,000/-
Recently I came to know that sum assurance of the policies should not cross 20% of his annual income, for salaried person. Please confirm me.
(1) If the above statement is true, then I crossed the limit, what I have to do.
(2) Due to lack of knowledge I have not disclosed my policy to any other insurance companies, if I want to disclose now, is there any harm for me.
Please clarify
Regards,
Sai Kumar