Need Term Insurance (2 Crores) Advice. Taking Two Plans 1 Crore Each.

POSTED BY Mayank Verma ON June 17, 2013 11:44 am COMMENTS (2)


I am 24 years old and my family (5 members) is financially dependent on me. I am looking for a pure term plan of 2 Crores. After reading articles and comments on Jagoinvstor and I am thinking of spilitting the insurance in two different companies instead of going for one. (I have not taken any term insurance yet). here are the two companies I am looking for :

1. 1 Crore SA from HDFC Life (Annual Premium 8,600) for 30 years.

2. 1 Crore SA from Aegon Religare (Annual Premoium 6,300) for 40 years.

I have a Jeevan Anand policy which I am going to surrender (just paid 2 premiums so far). my questions are :

1. Are the choices listed above good? With HDFC claim settlement ratio 96.2% and Aegon’s low as comapred to others but premium affordable.

2. Does it pose any problems if I buy the term insurance before surrendering the LIC policy? As I need to buy the term plan asap and not sure how long does it take to surrender the policy in LIC.


2 replies on this article “Need Term Insurance (2 Crores) Advice. Taking Two Plans 1 Crore Each.”

  1. Mayank Verma says:

    Dear Ashal,

    Thank you for your response. Any specific reason to keep it to one company? as everywhere including this blog I see to split the cover (1Crore or above) into two companies

    I am not looking for any surrender value, I am just surrendering them as I dont need them anymore.

  2. Dear Mayank, personally i w’d recommend a single cover of 2Cr. Rs. with the insurer of your choice. if you are comfortable with HDFC, you should not be worried for a bit higher prem. or vice versa for Aegon Religare.

    Coming back to LIC policy, as you have paid just 2 prem. no surrender value is there.



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