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POSTED BY ON July 15, 2013 5:35 pm ONE COMMENT
I have read the threads on this topic and found it informative.
I had a query though, I plan to take 1cr life insurance and plan to split it like this,
50L – 30 yrs – Bharati Axa
50L – 20 yrs – Aegon Religare (with waiver of premium rider)
I am doing this to ensure that I can have good coverage till I can work well and save funds. Later while moving towards retirement when I might not need too much coverage, I will reduce stop paying AEGON & just keep Bharathi.
The other reason is if LIC Online Term plan comes with good premium options, I can cancel one of them and switch to LIC, that way I have the flexibility as well.
Is this a good idea to split?
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The LIC term is unlikely to come. The LIC agent base will simply not let it come out. Even if it did, the way the underwriting rules of an online plan will be different from an offline plan. Also,all term plans will be subject to scrutiny due to the high amount involved. You can make this split for the reason you have stated. However in order to exercise this option your portfolio should grow at a healthy pace. So you would need to take of that as well.
Also once your term plan is two your old you should never, never change it for another plan. An old term plan is unlikely to be rejected.