Term insurance – LIC or online options

POSTED BY HEMANT DWIVEDI ON March 16, 2011 11:11 pm COMMENTS (3)

2 yrs back i took term insurance(Amulya Jeevan) from LIC, 35L for 35Yr @13580/yr. This yr i found out that premium for online term policies from kotak, ICICI are much cheaper. I am wondering if i should stop paying premium for my current policy and opt for these policies with much higher cover (almost a crore). Seek suggestion from all financial experts in this forum.

3 replies on this article “Term insurance – LIC or online options”

  1. Atul says:

    Hi Hemant,

    I have gone for half cover through Kotak and plan to have other half in LIC. Just for dividing the risk.

    You may want to look at this option as well.

    Regards

    Atul

  2. ashal jauhari says:

    Dear Hemant, Don’t look only the prem. part. Please also have a look at the servicing issues as faced by many readers. Also your own comfort level of dealing with a private insurer ‘ll play a major part in your decision.

    Thanks

    Ashal

  3. Hemant

    I think it would be a good idea . What I would suggest is first apply for the new insurance ance once you get it , then close the old policy .

    Also shifting from LIC to other players would depend on your personal thinking and hwo you look at this .

    Manish

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