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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

Term Life Insurance

1 Answer

24 May, 2021
Self Employed - Digital Consultant

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

Best Wishes,

Asad Akbar

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