Need advice on Insurance.

POSTED BY MANISH ON January 3, 2012 5:18 pm COMMENTS (2)

Sir,
1. I have a ICICI life stage assure policy for 15 yrs term and SA is 2 lakhs. I have bought this policy out of sheer ignorance and now I am repenting. I m paying Rs 35000/- per yr as premium. I want to discontinue it. I have paid 3 premiums till now. Wats ur advice?
2. Also I have LIC Jeevan Anand policy for 10 Lakhs for 20 Yrs term. I have paid 3 Premiums. Should I continue it?
3. I m serving in Army and we r already covered by Govt for Insurance for 35 lakhs…for which I m paying Rs 48000/- per year as premium. Do I need another life insurance?
Plz advice…Thanks Manish

2 replies on this article “Need advice on Insurance.”

  1. Dear Manish, correction of your past mistake ‘ll come at a price. In the form of heavy surrender charges on both of the plans. if you are ready to bear that loss, please go ahead & surrender these policies. Once the surrender amount is there with you, invest it as per your choice in PF, PPF, MFs, Bank FDs etc.

    Please do note in general your life insurance should be at least 10-12 times multiple of your yly income. In case you are also running some home loan & car loan etc. the cover amount ‘ll increase to include those loans also.

    Depending upon the above, you may check your own life cover & may act accordingly.

    Thanks

    Ashal

  2. Hi All

    I too have the similar question.
    Without knowledge, we took some traditional or ULIP policies before coming into Jagoinvestor Forum.
    Now it is clear that we should take term policies and no use of traditional. Thanks to Jago Investor and Forum Members.
    But sir what about the policies already taken? Is it right to stop or surrender those polcies? Because we will get very less, if we stop or surrender.

    Request advice.

    Thank You
    R Siva Prasad

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