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decreasing term insurance policy

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01 Dec, 2022 by  Rajat

Are there any decreasing term policies available in the market?

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Term Life Insurance

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03 Dec, 2022
CEO, Insurance Samadhan

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 .



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03 Dec, 2022
Rajat
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03 Dec, 2022
CEO, Insurance Samadhan

Rajat

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


Shailesh

Insurance Samadhan

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03 Dec, 2022
Rajat
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05 Dec, 2022
Rajat Basu
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06 Dec, 2022
CEO, Insurance Samadhan
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