Hi All,
I am considering buying Term Insurance. At 38 years with 1 child (soon to be 9yrs) and spouse who is home maker, I have several queries regarding the term insurance I should buy. Appreciate feedback/comments for JI members.
1) Is LIC the best term life plan to go for? I know it is the expensive of the lot w.r.t coverage you get for premium paid.
2) If not, which are the others who have best claim settlement ratio.
3) Is it advisable to go ahead with a combination of LIC + Private Plans? Rationale: In case LIC accepts and pays the claims, same can be referenced with the private provider in case they reject the claim.
4) If I apply for any plan now, and my status changes to NRI, how do things work out? Is any action expected from my end to keep the policies active? Does anything change at all?
Regards,
Manoj