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I have this max life term insurance
Share 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 65..do 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?
Hello Abhishek,
Thank you for using the Forum.
- 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)
- Please give more details about the accident insurance rider that you have mentioned for us to give you better recommendations.
- 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.
Regards,
Mahavir Chopra
Founder @ Beshak
1 Comments
Reply Yes, you can change your payment frequency mode to any of the payment options at the time of renewal.
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