Hi,

I am 24 years old and my family (5 members) is financially dependent on me. I am looking for a pure term plan of 2 Crores. After reading articles and comments on Jagoinvstor and I am thinking of spilitting the insurance in two different companies instead of going for one. (I have not taken any term insurance yet). here are the two companies I am looking for :

1. 1 Crore SA from HDFC Life (Annual Premium 8,600) for 30 years.

2. 1 Crore SA from Aegon Religare (Annual Premoium 6,300) for 40 years.

I have a Jeevan Anand policy which I am going to surrender (just paid 2 premiums so far). my questions are :

1. Are the choices listed above good? With HDFC claim settlement ratio 96.2% and Aegon’s low as comapred to others but premium affordable.

2. Does it pose any problems if I buy the term insurance before surrendering the LIC policy? As I need to buy the term plan asap and not sure how long does it take to surrender the policy in LIC.