November 13, 2010 9:17 pm
Requeting experts advice on…. “single premium” term plan or “yearly” term plan.
shoul one take term plan by paying single premium or should pay yearly premium.
Thank you all.
While Nikhil suggestions look fine to me , you should consider your requirement , if you have enough money to pay in one time and you dont want to take tension of paying the premium every year, you might want to choose one time premium options also , however that should be very rare
one time payment will not be good choice.if u keep same money & invest in FD then it will make much difference.Good simple maths before going for this decision..
Yearly Term Plan is the answer
1) You will have an option to switch to other term plans, since competition would have premiums reduce year after year
2) Flexibility to cancel and move on to a new insurance company
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