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Diversifying Insurance

If you're looking to buy insurance for a big amount, look to diversify across 2 or 3 companies…

I want to buy term insurance for my 25-year-old son. He doesn’t have any diseases. We want a sum assured insurance. Which company’s insurance would be the best?
-JV Gupta

Before you buy term insurance for your son, see if you're dependent on him or not. If you want to buy insurance of a big amount like Rs 1 crore, you can buy itonline by yourself, which will be cheaper than buying insurance through an agent. Aegon Religare offers the cheapest insurance if you buy it online. However, for a big amount, you should split the insurance between 2 to 3 companies. Also make sure to buy critical illness riders, which are available at lower prices with term insurance. When you buy the insurance, make sure you give all information correctly and honestly to the insurance company. If the information given by you turns out to be incorrect, then its purpose will get nullified.

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