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I have this max life term insurance

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07 Oct, 2020 by  Abhishek

So I have this max life insurance term plan covered till age 85 I know a big mistake and I am paying a premium around 21k but the thing is that I want to reduce the tenure till age you think this would be possible with max since I have researched a lot on this and found nothing concrete and even the max people are of no use with their crap support. Also, another big mistake I did was get accidental insurance as a rider with my health insurance since we know the premium of health insurance increases every year. Do you think I should get accidental insurance rider with my term plan or let it be as it is with my health insurance?

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Term Life Insurance
Accident Insurance
Health Insurance

2 Answer

07 Oct, 2020

Hello Abhishek,

Thank you for using the Forum.

  1. You cannot change your cover duration of a term life insurance policy after it is issued. If you are young and healthy, you can look for a fresh policy after evaluating the amount of premium you will save (since the premiums would have gone up with age, since you bought the policy)
  2. Please give more details about the accident insurance rider that you have mentioned for us to give you better recommendations.
  3. In our view, specialized standalone covers are always better than riders, that are lite versions of the insurance cover you actually need. Personal Accident/Disability cover is super important we wrote in a 2-article series on this. Here are the links: The Underrated Risk of Disability & Personal Accident Insurance & Comparison of the Top Personal Accident Insurance Plans in India

Hope this helps.


Mahavir Chopra

Founder @ Beshak

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07 Oct, 2020
Can I switch to monthly payment option instead of the yearly premium pay option?
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07 Oct, 2020

Yes, you can change your payment frequency mode to any of the payment options at the time of renewal.

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