search icon
linner
back arrow Back

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?

reply Share
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?

like
0
Purchase

3 Answer

Post
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).

like
0
icon-comment 0 Comments
icon-reply Reply
22 Mar, 2021
MBA | 5 years experience
connect with advisor

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

like
0
icon-comment 0 Comments
icon-reply Reply
connect with advisor
23 Mar, 2021
Founder, Beshak

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.

like
0
icon-comment 0 Comments
icon-reply Reply

Tired of dealing with call centers!

Get a professional advisor for life!

LIFETIME FREE

Rs. 1799

or