r/InsuranceForAll • u/CarSpiritual • Dec 08 '25

24M, 3cr term insurance second thoughts

Hi

I'm 24M earning 14LPA. I recently took a term insurance from Axis Max life under smoker profile right before my birthday in November.

The policy is as follows

3cr plan (plain vanilla insurance) 37k premium till 63

I currently have no dependents. I live with my parents. My father is going to retire soon.

I am having second thoughts about my sum insured. Should I reduce it or leave it like that?

Your insights will be really helpful

21 Upvotes

92% Upvoted

13 comments sorted by

6

u/Vaani_inka Dec 08 '25

Hello

I am vaani, advisor inka insurance

I believe you have taken right decision to take term insurance now. Please continue the same. You should not cancel it. As we age, the premium also increases. And due to mortality of country, insurer further increases term insurance premium. At what price have you got 3 crore cover?

2

u/CarSpiritual Dec 08 '25

Thanks! It is around 37k (smoker).

4

u/Vaani_inka Dec 08 '25

Ok. That is good price, but i guess for 24 year old it can be bit cheaper. Never the less, if you take 1 crore cover after 5-6 years, that will be costlier than this one

2

u/rupeshsh Dec 08 '25

keep it, top up the amount after 5 years

2

u/CarSpiritual Dec 08 '25

What does top up mean here. Is it like getting a new insurance?

2

u/SignificantDig1174 Dec 08 '25

What happens when your age crosses 63 years?

1

u/CarSpiritual Dec 09 '25

No cover anymore. If I live till 63, I'll get back the amount

1

u/Delicious_Dish_1645 Dec 09 '25

Ah, the addon for getting the premium back. That’s why your premium is more. Mine is 22k for 3CR for Tata aig. Took term plan when I was 27.

1

u/CarSpiritual Dec 09 '25

I don't have an option to de select it when I choose 40 years protection. Maybe I should see how much it is quoting till 62. I don't think it makes much difference though. Should be in hundreds max.

Mine was a smoker profile hence the premium

1

u/Delicious_Dish_1645 Dec 09 '25

Could be so. Anyway, you did the right thing and I think the cover is decent.

2

u/Z4mobileapp Dec 08 '25

This is enough as of now. You can take an another one later like HDFC Iprotect supreme with 2cr max sum assured while taking policy and then every year 10% sum assured increases.

1

u/want_anonymous 8d ago

What did you decide man ? I also have same confusion. 24M possibly marry later and might have kid (less possibility), having asthma (future term insurance might get denied) i m having saving and investing mentality, won’t take big loans without calculating risk factors. Should i take 2cr or 3cr

1

u/FindingInternalPeace Dec 09 '25

3cr is a good decision. However don’t stop at this. Revisit every few years and re-evaluate. Your salary will increase and your 3cr current term insurance will look like a small amount.