Prices Increasing soon Prices Increasing Soon

Confused: Should I Buy A Second Life Insurance Policy?

We never like one of anything and always want to have more. Whether it is in the daily food we eat, the dresses we wear, the cars we drive or even the mobiles we have, variety is the norm. On the other hand, when it comes to buying insurance, most of us shirk away from the name itself. A majority of the Indian population go uninsured and even the little fraction that is insured have no sufficient coverage.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Call it our psychological notion or the dislike of the premium outgo, buying life insurance plan is either put off for a long time or invested in with the only view to save tax. In such a dismal scenario, talking about buying a second policy is voted down because the relevance of a second life insurance policy is usually lost on us. What about you? How many life insurance plans do you have in your name? If one, what about buying a second policy?

A second life insurance policy is nothing to be afraid of or confused about because it is beneficial in many respects. To put your mind to ease, I have listed below some common reasons why buying a second life insurance policy is a good thing. So, read on:

Supplementing Your Coverage

Having a sufficient coverage on our lives is very important whether in case of health insurance or life insurance. In health insurance, the expected medical cost is the basis of determining the coverage required while in life insurance you should estimate the value of your life. The coverage should be selected which should be optimum enough to compensate the economic value of the life of the breadwinner and as such a low coverage not good. Only a handful of people are reasonably insured while most of us having insurance are under-insured. As such, the second policy would help in supplementing the coverage level you already have from your first policy.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Meeting Your Financial Goals

 There are different types of life insurance plans designed to meet the different financial goals of one’s life. There are term plan which fulfill the requirement of income protection, child plans which help in securing the future of our child, Unit linked plans help in wealth creation while pension plans help in retirement planning. So, the one policy you have would not provide a complete solution to your financial goals and so other policies are necessitated for the same.

For Wealth Creation

Life insurance products are not only pertinent in providing financial security they also provide an attractive avenue for investment if the correct plan is chosen. Unit linked insurance plans provide the dual benefits of wealth creation through market-linked growth and insurance protection. So, if you thought that your policy only provides insurance, think again. A ULIP (Unit Linked Insurance Plan) also provides a good investment instrument and can be bought in addition to your existing life insurance plans.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Tax Relief

How can I not mention the much-depended on tax exemption which insurance products provide! Premiums paid up to Rs.1.5 lakhs are exempt under Section 80C and any benefit received is also tax-free under Section 10(10D). Though the inherent tax relief should not be the only consideration for buying another life insurance policy, it could definitely have an influence on your purchase decision when it comes to buying the second policy.

So, buying that second life insurance plan is not a confusing or a bad idea. You would only get benefits from adding more policies in your name. An optimal coverage, fulfilment of financial goals, an investment avenue and tax exemptions are all the benefits that come with a second life insurance policy. So, don’t get confused or wary when your broker advises you to invest in another plan. Study the plan, find out its relevance in meeting your financial goals and buy it without hesitation. You would only thank me in the long run!

Disclaimer: Tax benefit is subject to changes in tax laws.


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
13 Jun 2024

Kotak TULIP

Kotak T.U.L.I.P (Term with Unit Linked Insurance Plan) is a

Read more
05 Jun 2024

Why Should You Consider Inflation When Buying a...

The retail inflation of India rose to 5.69% in December 2023

Read more
29 May 2024

Term Insurance for Individuals with 25K Salary

Securing your family's future is essential, especially when

Read more
28 May 2024

'Har Family Hogi Insured' Policybazaar's Vision...

Empowering Every Household: policybazaar's Commitment to

Read more
23 May 2024

Term Insurance for Individuals with a 35K Salary

Securing your financial future is essential, especially when

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
13 Apr 2021

2 Crore Term Insurance Plan

2 Crore term insurance provides cover amount of 2 Crore as death benefit to your family in the event of your

Read more
07 Mar 2023

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL