I feel cheated by my insurance agent into buying 2 Whole life policies totalling a premium of Rs.1 lac per year. The first year premium I had paid last year in May, 2010.
I have 2 questions:
1) How can I get out of this. Is it best after 1 year, 3 years or 5 years?
2) I have recently taken a huge home loan and the insurance on the home loan amount comes to about Rs.3.5 lacs. Can the home loan insurance be substituted by the Whole life insurance?

Any replies will be much appreciated. Thanks.

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