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How to Hike Your Term Insurance Coverage After Buying The Policy?

Term insurance cover is supposed to provide financial protection to you and your family in case of uncertainties related to life. The responsibility of an individual’s life changes continuously, and so does the financial obligations too. Thus, it is worth reviewing the coverage of the term insurance policy if you think that your situation has changed from the time you purchased the term insurance plan. 

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As a breadwinner of the family, you will not want your family to go through any financial crisis in case of any eventuality. Moreover, you will want them to maintain a good lifestyle even in your absence.

 To ensure that you provide the right financial protection to your family from time to time, you can consider increasing the coverage of term insurance plans at specific intervals of time.  Most of the term insurance policies offer the features of life-stage protection, which provides you an option to increase coverage of term insurance plan at different milestones of life, without any medical tests.

Let’s read further to know how to increase coverage of the term insurance plan and is it worth it or not.

Note: Know more about what is term life insurance first before reading this article.

How Life Stage Protection Features Works?

The feature of life-stage protection of term insurance plan provides an option to increase the sum assured amount by a specific percentage of existing cover at two major milestones in your life. First at marriage and second at childbirth (up to two children).

For instance, if you purchase a term cover of Rs.1.crore before marriage then you can increase the coverage by 50% i.e. up to Rs.50 lakh on marriage, and then by 25% i.e Rs.25 lakh each on the first and second arrival of the child.

Comparative Metrics

  Purchasing Additional Term Plan Choosing Life-stage Protection Features
Price Lower Rate Costliest
Medical Test Required Not required
Flexibility High Poor (have to stick with the same insurance provider and its terms and conditions)
Policy Issuance Takes time Faster
Future Premiums Can be lower as the mortality rates have decreased over the years A possible lower premium, but not to a great extent.  

Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.

How Much Additional Coverage do you Need?

Once you decide the need for extra insurance cover, the next step is to evaluate how much additional coverage you need, which will help you to fulfill your financial obligations from time to time. To analyze the right coverage amount jot down your current financial obligation and also add the future obligations to it like a child’s higher education, repayment of the loan, emergency fund, etc. Also, keep in mind the future rate of inflation.  By considering all these important factors you will be able to evaluate the additional coverage that will fulfill your requirements. 

Some of the term insurance policies have a cap on the sum assured amount which you can increase. However, the premium rate of the policy will also increase as it will be recalculated as per the increasing age remaining policy tenure and higher sum assured. You can opt for the option of life-stage protection within six months of the occurrence of the event or at the agreed cut off age. It is important to keep in mind that this feature is only available under the life cover option and not on the riders. The life-stage protection plan is limited to a pure term policy with the option of life cover. The advantage of having life-stage protection is that the increased coverage can be availed without any medical test.

If you purchase a separate cover, you will need to go through the process of documentation and medicals, which might add up to the premium rate due to a new medical condition. On contrary to this, in the option of life-stage protection, the medical test or documentation is not required and the premium rate is recalculated only on basis of the age.

Is It Worth It?

As per the market experts, the plain vanilla regular term policy with no add-ons works better. Ostensibly, Rs.1 crore term cover with no option of increasing life cover is inexpensive. This is because in pure term plan the premium gets fixed for the entire tenure at an early age. Whereas, in the life-stage option the increasing cover results to be the costliest option. 

Final Verdict!

If you are young, have fewer responsibilities to take care of and if you are looking for a hassle-free process later in various stages of life then you can choose this option. Specifically, if you don’t want to have a higher sum assured at the beginning of the policy purchase. However, you can skip the option of life-stage protection and purchase an additional term plan based on the different stages of life. Based on the assessment of responsibilities carried out once every three years, you should take a suitable further cover.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

Note: Check out the best term life insurance in India and choose one that suits your requirements.

Premium By Age

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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