Pricing of a term plan assumes a perfectly healthy, non-smoker. The premium quotes generated on various websites is basis this assumption. However, a discrepancy in health (diabetes in your case) results in an increase in premium rates. This, in insurance parlance, is termed as a ‚Äėrate up‚Äô. The precise rate up premium may vary amongst insurers. Recommend you explore possibilities with other insurers before finalising.
As the term suggests, a ‚Äúmoney-back‚ÄĚ policy is meant to repay your money at regular intervals over the 15-year period. From what you have shared, it appears that you have consistently paid monthly premiums over the last three years. Discontinuing payments or surrendering the money-back plan in such an instance will prove to be expensive and is not recommended.¬†
You have not mentioned your annual income. As a rule of thumb, at 45 years of age, your life insurance cover should be between 10 -15 times your annual salary and extend till the end of your working life i.e. till you intend to retire. This is excluding the personal accidental cover. Since your spouse is earning, she too should consider taking an insurance cover on her life, as well.¬†
Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance
Clear your doubts with regard to life insurance.¬†Send your queries to [email protected]