Over paying for insurance in LIC – Any views ?

POSTED BY mona ON September 2, 2014 9:21 am COMMENTS (2)

Sir,

My age is 33, married with no children. Annual income of 900000 . I feel I’m paying way too much towards my Insurance per year. Still under insured please help.

  • Jeevan Anand -Term 20yr (bought in 2009)
  • Sum Assured -1000000 and Premium paid per year-53547
  • Jeevan Tarang -Term 20yr (bought in 2009)
  • Sum Assured -1000000 and Premium paid 49220
  • Apart from these I have another policy
  • New Bima Gold -Term 30 yr (bought in 2007)
  • Sum Assured- 325000 and premium paid 11035

Let me if I should cancel any of the above policies and buy a fresh one ,if yes please suggest the name.

 

 

2 replies on this article “Over paying for insurance in LIC – Any views ?”

  1. ajay.kolambe says:

    Thumb rule is you should be insured 20 times of your PA salary
    i.e. you should be insured min 2 crs. but you can go for 1.5 cr also.
    cancel your ne bima gold this is money back plan and also one of from tarang & anand.
    all traditional insurance plan gives 6 to 7 % return. invest in PPF

    go for term plan other than LIC & max newyork both are costly

    preferrably go for Kotak, HDFC, ICICI, SBI Life

    Pls dont ask to LIC agents because they always speak this is govt company.

  2. NewInvestorHC says:

    Cancelling of any policies is not always a good suggestion. However, I think you should ask for Surrender Value for each of them. You would be able to know the actual amount you paid till date and the amount LIC is returning back. This way u can decide. Ask your LIC agent to provide you this statement.

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