Currenly I have Term Insurance of 25L from LIC and 30L from SBI. My total requirement is of 60-70L. I am planning to have two policies in near future – 25L from LIC online (if that will be cheaper than the current one) and 50L from HDFC Online. So, that will complete 75L insurance and I’ll be able to cancel current two policies.
Now my question is that, how should I proceed? Cancel what first and take what first? At any point, I don’t want to be under-insured. At the same time, I don’t want to be over-insured in eyes of insurance companies by declaring current insurance policies. What is recommended way?