POSTED BY November 19, 2012 5:08 pm COMMENTS (3)
ONHi,
I have traditional term insurance from SBIlife. I have been paying the premiums for last 5 years. Now I am looking to increase my insurance cover and decided to take online term insurance. I have zeroed down to HDFC life as their claim settlment ratio is good and premium is reasonable for the amount I am looking for.
I am just thinking how it would be if I stop paying the premiums of traditional policy by increasing the cover of online term insurance. I am not able to identify the real pros and cons of this move. I am seeking suggestion from Jago investors and their club.
Thanks & Regards,
Venkat K
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As suggested by Ramesh
Better take a term plan online and once its all set, then you can discard your old term plan , I am sure the premium you are paying for it will be way above the current premiums.
Manish
Thanks Ramesh for your reply. It is pure term insurance.
Regards,
Venkat K
First get your online term policy and only then think about removing any other policy.
Is your SBI policy a pure term policy or an endowment / money back policy? In simpler terms, would you get money back from your policy or not?