Additional term policy - should I buy online/offline?

[Vinay Kumar]

My annual income is 8.00 lac per annum and aged 40 years and I am an employee in a MNC. I have taken LIC Policy for a value of Rs. 250,000/- coverage.

I would like to have additional term policy for another 50 lacs coverage ( Total coverage requirement is 1.00 crore)

Please advise, whether I should opt for another online term policy for 1.00 crore by closing this LIC Policy or should I opt for 50 lac online term policy.

[Master]

You are under insured. Check your exact insurance requirement with this calculator - Human Life Value Calculator (http://www.policywala.com/hlvcalculator.php). No need to close or surrender your existing insurance policy. First buy new insurance policy. If your requirement is 1 crore, why you want to buy only 50 lac?

Online/Offline are same. Go for online one they will be cheaper for you. But declare all the pre-existing diseases.