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It is not possible to convert regular term plans into a whole life plan. Term plans have a specific policy period and coverage cannot be extended after policy maturity. However, if you hold a special type of term plan called the convertible plan, you can convert it into a whole life plan during the later stages of the policy.
You need to be aware that even if you hold a convertible term plan, the conversion doesn't happen automatically. It is converted into a whole life policy, only if the policyholder requests for the extension specifically. If you don’t initiate the conversion within the specified period, the policy continues as per the features of the original term plan and expires after the initial policy period.
Another major drawback of convertible plans is that they have a higher premium compared to regular term plans. Due to these disadvantages, convertible term plans are not popular in India. Hence, you have very limited choices like the Kotak Term Plan and the LIC Convertible Term Assurance Plan.
With that said, convertible term plans have a distinct advantage. It offers the policyholder basic insurance cover in the initial stages of the policy, and later the option to extend the coverage as he/she grows older.
If you’re looking to purchase a term plan, that can be converted into a whole life term plan, make sure to study the fine print. Read the plan features, conversion conditions and premiums to decide if it’s worth the extra costs.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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