There are many term plans that are available these days, both online and offline. Thus people start realizing that they can buy a very large cover for a relatively lower premium. This is the reason behind many new term products, especially those sold through online platforms, are extremely cheap. When you get such insurance covers with low premiums, naturally there will be questions like should one continue with the old insurance cover or abandon it and go for a new large cover for a cheaper premium. "If the premium on the new policy is far lower than the existing policies, you are better off going for a large sum assured policy and then discontinuing the old policies," said Gaurang Jhaveri, consultant (insurance business) at International Money Matters, a Bangalore-based financial planning firm.

"Especially , if you have an old policy for a short period of time, say 10 years, you should get rid of that policy and buy a new one that covers you till retirement," said Gaurang Javeri. "You should thoroughly review your insurance needs and buy a term life insurance plan at the age of 40, to get the maximum cover at the least possible rates," points out Rahul Aggarwal.