Are there any decreasing term policies available in the market?
All mortgage redemption policies are reducing term because sum assured in linked to the reducing loan amount .
These plans are given to companies selling loans as group insurance .
I have not seen any individual reducing term policy but there is a market for such product and shpuld be sold .
Thank you for your response.
So I guess the closest alternative is to buy a stagnant term policy
You can buy multiple term insurances with different terms ( durations )
for example - you want a cover of Rs 100 lakh now but after 10 years you want only Rs 50 lakh
then buy Rs 50 lakh for 10 years and Rs 50 lakh for 20 years .
So today you have insurance of Rs 100 lakh but after 10 years you will have cover of Rs 50 lakh only .
Moreover , your premium rates are linked to term of policy . Lesser the term , lesser the premium .
You can also buy multiple policies of Rs 25 lakh .
Hope this clarifies
Never crossed my mind.
That's a great way to do it. Simplicity itself
Thanks for showing the way.
Dear Mr. Kumar,
Is there a way I can speak to you?
Always welcome .
Call me on my personal number 9811305366