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Increase cover till 60 years and sum assured
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23 May, 2021
by Parikshit Salvepatil
I had bough LIC Tech term 1 cr at the age of 28 years for 15 years till age of 43 only.
Now I need to increase sum assured to 2 cr to 2.5 cr based on my need till the age of 60 years ( current age 33 years)
What is best option?
1. Buy from Same insurance co. Lic new policy disclosing current one & disconinue old 1 cr aftrr 2 years
2. Buy new plicy from diiferenc insurance co. & discontinue old lice 1 cr policy
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Hi Parikshit,
Do not limit yourself to LIC. You should also explore products from ICICI Prudential, HDFC Life, Max Life & Tata AIA. These Insurers are as formidable as LIC in terms of claims settlement & brand reputation. All of them have launched upgraded Term plans over the last 1 year & have introduced many high value features which you might like. Decide on your new term product after comparing the term plans of these Insurers.
Beshak team had written a Term Insurance guide for people interested in buying Term. It might give you some pointers that help with your product selection. You can download your free copy here https://www.beshak.org/term-insurance/e-book/buy-guide.
Best Wishes,
Asad Akbar