I am in confusion regarding term plan, to go with private insurance companies or not.
It is a matter of family safety assurance. I dont know somehow I dont have complete faith in private companies.
My age is 32 years.
What I have decided to go with 20 lacs term plan with LIC (premium:5500,term:20 years). After LIC I will buy one more term plan of 75 lacs from Aviva or other private company for 30 years with premium around 7600 (Aviva:iLife).
So, I will end up with paying around 13,000 premium with 95 Lacs term plan. If I will directly go with 1 crore term plan with private companies which costs me (Aviva: 9000, HDFC: 12500, Kotak:13000, ICICI: 16000) so my consolidated premium is comparative.
And if in case of unfortunate event death, first claim settlement with LIC, will be faster. Then same LIC settlement acknowledment to private company for settlement.
Please advise on this approach.
Thanks !!