I am 36 and want to get term insurance plan of Rs 25 lakh for 30 years coverage. I searched the internet and find that MetLife is the cheapest term plan; please suggest if I should go for it. I already have Rs 10 lakh term cover from HDFC.
Deepak Roy, Kolkata
Life insurance needs is a combination of several factors, such as the number of financial dependents you have, your liabilities, current lifestyle, your income and age amongst others. By selecting a term plan you have opted for a pure insurance plan that covers only risk to life and is not linked with investments, which is the best policy to insure your life. The cheapest plan is the most economical and desired; and you should go with the MetLife plan that costs less. If your concern is safety of the policy, all insurers are regulated by the insurance regulatory and development authority which has put various checks and balances to ensure insurance companies do not fold up.
