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Can I Switch My Term Plan from One Company to Another If I Get Better Benefits Under the Other Plan?

There is no option to transfer the Term Insurance Policy from one insurer to another. You can, however, buy a new policy from a different insurer and stop your current policy. But, buying a new policy to replace an existing one may have certain drawbacks:

  • Increased Premium: All term insurance plans charge even premiums throughout the premium payment term (PPT). Thus, since you bought the earlier policy at a younger age, your current premiums are likely to be lower than the new policy with same sum assured.

  • Necessary Medical Assessment: You may have to go through medical tests. Your new premium will depend on the results of this assessment.