Which type of insurance policy should I buy for better coverage?
The objective of term insurance is to make your dependents financially independent in your absence.
I have two endowment life insurance policies. One offers me a sum assured of ₹1 lakh for an annual premium of ₹6,039, which I have to pay till 2031. I have already paid 7 premiums. The policy matures in 2040. The other policy offers me a sum assured of ₹2 lakh and the annual premium is ₹10,602, which I have to pay till 2038. I have paid six premiums for this so far. Should I continue these policies or surrender them for policies that give better returns?