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I have already taken HDFC click 2protect 3d plus term insurance but after comparing it with other plans I feel that I have taken wrong decision. So is it advisable to change the plan now?

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20 Mar, 2021 by  Monank Shah

I have already taken HDFC click 2protect 3d plus term insurance but after comparing it with other plans I feel that I have taken wrong decision. So is it advisable to change the plan now?

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20 Mar, 2021

The "Sunk Cost Fallacy" often forces us to not change things when we have invested time & money on something. If you compare the premiums of new cover over the next 10 years with the current one, you would find a fairly good amount of saving. if you find those savings lucrative, you should change.

However, one word of caution. Don't stop the current insurance cover unless you start the new cover (get policy copy in hand) & check that there are no restrictive conditions in the same (typically, 1st-year exclusions).

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22 Mar, 2021
Rohit Dhingra

What part of your term insurance you are not happy with?

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23 Mar, 2021

Hello Monank,


You should make a decision based on the best information available. If the information is compelling and you are unhappy with the plan and the offerings, you should first look for another better plan, apply, get the policy issued, and only then cancel this one. In case you are on an annual premium payment mode, then it is important you do this at least 3 months before the premium due so that you have enough time to get the policy issued.

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