Should I change my term plan to Religare because they are offering till 75 yrs ?

POSTED BY lucky_151985@yahoo.co.in ON February 28, 2014 10:27 am COMMENTS (4)

Recently I took a term plan from bharti axa with a sum assured of 50 lacs upto the age of 65 years .

But I came to know that aegon religare is offering upto the age of 75 years, so please help me in this should I change the policy to religare or i remain with bharti axa ?

4 replies on this article “Should I change my term plan to Religare because they are offering till 75 yrs ?”

  1. ashalanshu says:

    Dear Lucky, why did you purchase the term plan?

    Thanks

    Ashal

  2. vaibhav45 says:

    Before thinking about aegon religare you should also check about there claim settlement ration. They are offering upto the age of 75 years but what about the settlement part.
    Before taking any term plan, please do the analysis. You shouldn’t worry about age limit or low premiums. You know quality always come with a price so even if u have to pay extra price to get better product, there is no harm.
    You can also look at HDFC & Max life term plan. There claim settlement ratio is good & no major difference in premium.
    Also refer this article https://www.jagoinvestor.com/2010/12/term-insurance-plans-comparisions-india.html

  3. Rokhan says:

    Do you really need term insurance beyond age 65? Will you still be earning and have dependents on you who will need the money if you are not there?

    I know it is tempting to take insurance till the maximum age possible. You’ll probably think the likelihood of dying between 65-75 is much higher than likelihood of dying before 65, so why not put in a little bit more money and let your family gain a whole lot more if you die.

    But remember the insurance guys are cleverer than you and have calculated everything. They wouldn’t offer insurance till 75 if there was a good chance you’d actually die by 75. In insurance the bets are always against you (like in gambling), but its a necessary evil in case you happen to die unexpectedly and leave behind dependents who rely on your incomes that will stop on your death.

  4. rajiv2727 says:

    I would say No and Here is the reason why.

    https://www.jagoinvestor.com/2013/04/why-you-should-not-take-term-insurance-till-75-yrs.html

    Ps: I have cover of up till 60 only

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