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Is two term insurance correct or go for one big term insurance?
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05 Jun, 2021
by Sourabh Manna
I have purchased a Term Insurance from ICICI 4 years ago with 2.5 Cr base coverage and 2 Cr Accidental coverage. My Income has increased substantially in 4 years and this coverage doesn't seem sufficient now. Also, I have a son now so future liabilities have increased. Should I go for another Term Insurance from ICICI or look at one big coverage plan? Original Term plan will also cover till 58 years of age only and I wanted coverage till at least 65 years.
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Dear Saurabh
A bird in hand is better than two in bush .
My comments given below :
1.continue your old plan as it has guaranteed insurance now . Moreover , premium is calculated at your entry age hence it will have lower premium .2. Your desired gover should be atleast 10 time of your annual income . So if your income is 50 lalh per annum then you should have cover of Rs 5 crore .
3. Go ahead and buy incremental cover till age 65 but do not forget to declare your icici policy .
Hope this suffice.
Shailesh
Insurance Samadhan