Is it good to continue with LIC’s term policy?

POSTED BY Daredevil13 ON January 23, 2013 10:54 pm COMMENTS (2)

My understanding is LIC’s term policy has very high premium for a low cover.

Since many players have come into term insurance domain at competitive premium for big cover, is it a good idea to continue with LIC’s term policy?

Please share your views.

2 replies on this article “Is it good to continue with LIC’s term policy?”

  1. Dear Daredevil, how much term cover right now you are having from that LIC Term cover? How much exact cover do you need? How much loans you are running? What’s your mly income?

    Please share some more inputs.

    Thanks

    Ashal

  2. Depends on your age and health condition. If you are young and healthy consider getting an online cover.

    If you are older and your health has taken a bad turn then there will be considerable loading from every insurer so you need to be careful in this case. You can find out how the premium is and then decide but you need to go through medicals in this case and declare about this LIC policy when you apply

    Problem is if you already insured adequately with LIC other insurers may not give you more insurance.
    Whatever you do don’t stop paying the premium before getting the new one if you choose to do so

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