Is it advisable to buy 5 different online term policies from 5 different life insurers?

[gaurav84]

Is it advisable to buy 5 different term policies from 5 different life insurers, each Sum Assured 10 Lakhs, instead of buying 1 term policy from 1 Life insurer for SA Rs.50 Lakhs?

What are Pro and Cons of doing this?

Thanks
Gaurav

[MTG]

It depends on the objectives on the buyer. If you are starting your career, you buy term plan as per the need of that day. Later on your life insurance need change and you got married and bought home, so again you go and buy another life insurance. You can buy from the same insurer or from another one. (based on various factors - like coverage, price, term, availability in your city etc.).

So there are no hard and fast rule for this.

[Manish_Kumar]

5 different policies from different insurers would be costly than one single policy from one insurer.

[Madhura]

More plans more costly for you -
Bharti Axa eProtect Rs. 4,607 per annum for SI 50 lakh
IndiaFirst Anytime Plan Rs. 1,708 for SI 10 Lakh

@ for 30 year old Non Smoker, 20 year term.

[vaibhav45]

Why you need 5 insurance plans, that would be too expensive.
When ever you will buy new policy than you will have to give details of your old policy. Its not advisable. I think no company gives term insurance for 10 lakhs only.



Is it advisable to buy 5 different term policies from 5 different life insurers, each Sum Assured 10 Lakhs, instead of buying 1 term policy from 1 Life insurer for SA Rs.50 Lakhs?

What are Pro and Cons of doing this?

Thanks
Gaurav

[nirad.singh]

Why would one require to buy 5 term plans from 5 different insurers...?