All,
Currently, I have Jeevan saral policy paid for 3 Half year premiums (30325INR). I decided to stop this policy [Even though I don’t get single rupee] and take the Term Insurance. Now my questions are
1. Jeevan saral policy: For FY 2010-2011 I used the premium paid 60650 for my IT tax exemption . Now what will be the effect if I stop the policy which I already claimed the exemption benefit.
2. Term Insurance: I gone through jagoinvestor blog/forum/comments about term insurance. But can you please highlight 4-5 top points to consider to choose;
a. Preference of insurance company [Claim Ratio 1 factor]
b. Offline Vs Online [Online has low premium]
3. I am 26, Single based on the jagoinvestor insurance calculator[till my age 58] the insurance value should be 1 Crore approx. Now whether I have to opt the complete money with single company or I have to split it into two companies. [Even I am waiting for LIC online term insurance]
Regards,
Vinodh Kumar