Hi All !!
I have taken a term insurance Kotak E-Preferred Term of 75 Lakh in 2011 for 25 yrs.Apart from this,I have 2 LIC policys (Jeevan Anand & Endowment plan) of SA 10.5 Lakh and 18.5 Lakh in various ULIPs of ICICI,HDFC & SBI. I am 29 yrs old with my wife(non working) & 2 yrs son.I have a SBI home loan of 20Lakh with a linked insurance.My monthly expense incl EMI is 40000. Now my questions are
1.Is my term insurance cover sufficient?
2.Though I’ve taken Kotak insurance,after issuing of policy,I was not that comfortable.As they didn’t have any medical checkup of mine.Hence there may be some complication for claim settlement though all information given by me were 100% correct.Hence i have 2 options (a) discontinue this insurance and start a fresh one with sufficient or present cover, or (b) continue with this and start another one for balance amount of cover. After continuing for say 10-15 yrs,I can discontinue one of those. Which option is better? and in place of Kotak, which is most preferred term insurance right now?
3. Is it wise to continue with the ULIPs as most of them have not given any return over a period of 2.5-3 yrs.The agents say,I’ll get a good return if I pay for complete policy term of 5yrs and keep them for atleast 10yrs. My ULIPs are only for investment purpose. If they are to be surrendered,then what are other options of investments, purely for long term purpose like child’s education.I am already having SIPs.
Sorry for writing such long questions but I am really confused, as I had to pay 75000 ULIP premium during Jan and I have not been able to make my mind yet.Please help