shifting from Traditional term insurance policy to online term policy

POSTED BY Venkateswara Rao K ON November 19, 2012 5:08 pm COMMENTS (3)

Hi, 

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

3 replies on this article “shifting from Traditional term insurance policy to online term policy”

  1. 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

  2. Venkateswara Rao K says:

    Thanks Ramesh for your reply. It is pure term insurance.

    Regards,

    Venkat K

  3. Ramesh says:

    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?

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