Shifting from LIC to Retail, is this the right decision?
My parents have a joint Jeevan Arogya Policy, they pay 14k from their own pockets and will be paying this for life for a cover (SI) of 1L per person (includes surgical, risk benefits etc).
I've decided to cancel LIC and go with HDFC Ergo Optima Secure after 2 months of thorough research. It is going to cost them 25k pa with a 50k deductible and 5-10 years down the line, I'll be fully paying their premiums.
1) Is the shift worth it?
2) 30 years down the line, how expensive can this policy get? I spoke to their representative, he said premium increases at 2% per renewal.
Want help with this, thanks.