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Should I stop LIC term plan?

You can buy a cheaper term life insurance plan from a private life insurer

I have an LIC term plan. The risk cover is ₹75 lakh, the term is 34 years and the annual premium is ₹19,000. I have paid two premiums. Should I discontinue the plan and go a low-cost plan from private insurers?
- Ravi Nandan Kumar

You are right LIC term plans are costlier. You can buy a cheaper term life insurance plan from a private life insurer. You can consider buying HDFC Click2Protect Plus - Life option or Max Life Online Term Plan. For a sum assured of ₹75 lakh with a 30-year policy term, HDFC charges ₹.10,320 and Max Life charges ₹7,950 at your age, assuming you don't consume tobacco. The premiums may vary depending on your health status.

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