I think Term Insurance from LIC is very expensive and I should discontinue it

POSTED BY Ramesh ON May 6, 2014 7:10 pm COMMENTS (5)

Deal All,

Last year, i purchased term insurance (1) 50 lacs sum assured from Bharti AXA – premium 5000 Rs.  (2) 10 lacs sum assured from LIC – premium 4400 Rs. ,  now i feel the insurance from LIC is very expensive and thinking to discontinue from LIC, anyone kindly suggest me the right solution that do i need to continue or not.

Ramesh

5 replies on this article “I think Term Insurance from LIC is very expensive and I should discontinue it”

  1. ashalanshu says:

    Dear Ramesh, you can inform your choice to LIC (although not mandatory). No your current choice w’d not have any impact on future policy buying with sane insurer.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Ramesh, in that case, stop paying prem. for this policy as simple as that.

    Thanks

    Ashal

    1. Ramesh says:

      As Mr. Ashal suggested me to stop paying premium, so do i need to inform LIC about that, and i stop to pay the premium then will it be any issues in future if i again buy different one policy.

      Ramesh

  3. ashalanshu says:

    Dear Ramesh, before surrendering the LIC term cover, please purchase another term cover from any insurer of your choice.

    Thanks

    Ashal

    1. Ramesh says:

      As already i mentioned that i have 50 lacs cover from Bharti AXA and presently i do not require to buy one more term insurance policy.

      Ramesh

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