Multiple Term Insurance – Should I buy ?

POSTED BY Ramesh ON October 4, 2013 6:34 pm COMMENTS (6)


I have a LIC’s Anmol Jeevan Term Insurance with sum assured of 10 lakhs, now i would like to buy one more term insurance from pvt companies for sum assured of 50 lakhs, someone could suggest me, can i buy multiple policies from multiple companies??

I would like to first clear, why i purchased from LIC because if in case any private company reject my claim due to any reason then i may have another chance to claim thatswhy  i chosen to buy from multiple companies.

So please suggest me, am i going in right why as i am interested to buy one more term insurance from pvt companies for sum assured 50 lakhs.



6 replies on this article “Multiple Term Insurance – Should I buy ?”

  1. ashalanshu says:

    Dear Ramesh, let me try to help you. Say you are earning 50K mly so your yly income is 6L Rs. So 60L Rs. is your 10 times multiple for yly income. So in a sense you are protecting your family’s next 10Y income through your Term covers.

    this is how I’m asking you to pin point your sum assured. Actually I want you to come to calculate how much is actual cover required for your family’s financial securtity. Once the point is notified, you can go ahead for that sum assured. Depending upon your personal situation, the actual cover requirement may be any where between 40L to 1Crore.



  2. ashalanshu says:

    Dear Ramesh, that’s the logic for break up between LIC and other insurer. I’m interested to know the logic behind the figure of 60L Rs. as your sum assured.



    1. Ramesh says:

      I am unable to elaborate, i would like to explain once again the logic behind is, i wanted to choose LIC in which i was not able to pay higher premium thats why i choose for 10 lac SA, if i choose 50 lac in LIC then i need to pay approx 20K, so i considered that, 10 lac from LIC, and then 50 lac from pvt company.

      There is no any specific logic for that just i wanted to buy from LIC only, you just please suggest me, am i going in right direction as per my Term Insurance needs.


  3. ashalanshu says:

    Dear Ramesh, NIKE…………………. Just Do it.

    By the way, I’m curousl to know, how did you reach to 60L (10L old + 50L new) figure? What is the logic behind it.



    1. Ramesh says:

      Hello Ashal,

      The logic is that, why i purchased from LIC because i believe LIC is a semi-government company where every one trusts, i also wanted to purchase for 50 Lakh S.A. from LIC but the premium goes to very higher which is not affordable that’s why i choose only for 10 Lakh S.A. with less and affordable premium.

      Now 10 Lakh SA is not sufficient so i thought i need to buy one more insurance from pvt company for 50 Lakh S.A.

  4. Chetan Ambi says:

    Dear Ramesh,

    It’s always wise enough to split your amount between 2 insurers. So if 50lacks is enough to cover all ur family expenses in case of your unfortunate demise please buy one insurance soon. You can go for any Pvt insurer you have trust. Dnt make delay. Just Do it !!


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