I am a marketing professional and earn Rs.60,000 a month. I am 30 years old and took a 30-year Rs.50 lakh term insurance policy five years ago,for which I am paying an annual premium of Rs.18,500. Now,I can buy a Rs.50 lakh cover for 25 years for only Rs.12,000 per annum. Should I terminate my previous policy and buy the new one?
Please answer my question before oct 5 2013.

Maybe you would be best served if you speak to your Insurance agent... instead of strangers on a forum.

There is a lot more to an insurance policy than just the monthy payment.