I am 29 years old working professional and I have a LICs Jeevan Saral Policy. I am married and I want to opt for a term plan. I have three dependents (parents and wife). I want to know which term plan is suitable for me. My salary is ₹20,000.
-Akeel Ansari
Jeevan Saral policy is an endowment plan. Endowment plans generally offers very small insurance cover and are silent on expenses. Though you will incur loss on surrender, you should consider exiting the policy and minimize your future losses.
Term plans should be selected after taking into account the claim settlement ratio of the insurance company and comparing the premium offered by the insurer with its competitors. Based on these factors, Aegon Religare iTerm Plan, Max Life Online Term Plan, Bharti AXA Life eProtect, are recommended to you. All these plans are online term plans.
Annual premiums for ₹50 lakh sum assured at your age for a healthy non-smoker male for a policy term of 31 years are:
Aegon Religare iTerm Plan - ₹4,560
Max Life Online Term Plan - ₹4,150
Bharti AXA Life eProtect - ₹4,000
Disclose all the details while filling proposal form to avoid any inconvenience while making a claim in future.
This article was originally published on February 02, 2017.
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