Can I Buy 2 Term Insurance Plans?

Yes, you can have 2 or more term insurance plans in India from the same or different insurance companies. In fact, IRDAI has no objection to people having more than one term life insurance policy. Having multiple term insurance plans gives a guarantee to your family that they would eventually get the claim amount when they really need money and also can pay the various debts, like educational and housing loans.

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How Many Term Insurance Plans Can I Buy?

There is no restriction on the purchase of more than one term insurance policy. The only thing to look out for is that the total sum assured (or death benefits) of all the policies combined should not exceed the Human Life Value (HLV) of the insured person, which is a rough measure of life needs and potential financial loss if the person passes away suddenly at a particular age. This amount usually ranges from 10 to 25 times the individual's annual income. The Human Life Value depends upon:

Age
Annual income
Existing coverage
Financial obligations

So your life cover (from all term plans combined) remains within your permitted HLV level, and, at the same time, you have fully revealed your current insurance policies; buying multiple term plans becomes easy. The human life value calculator helps you determine the amount of coverage you should choose, and the term insurance calculator will help you decide the amount you should spend.

Example:

If you’re earning ₹25 Lakhs annually, your HLV might be ₹2.5–3.5 Crores. You could split this across two or three term plans from different insurers — say, ₹1.5 Cr + ₹1 Cr + ₹50L.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Why do you need more than one term insurance plan?

Having more than one term insurance policy means that you can spread the coverage based on your liabilities (such as a home loan that ends after age 60). And it safeguards against denial of claims from one insurer. With multiple policies, you will be able to raise your total insurance without having to stop/ terminate your existing plan as your income and family responsibilities increase.

Here are some common reasons people go for two or more term insurance policies:

Increased Responsibilities Over Time
You may buy your first term plan in your 20s with a smaller cover. But as you grow older, your financial responsibilities (home loan, spouse, children) increase. A second life insurance plan helps you match your rising needs.
Different Policy Terms for Different Goals
Some prefer one policy till retirement (say age 60) and another till 75–85 years to ensure long-term family protection. Splitting the cover this way also helps control premium costs.
Premium Efficiency
The earlier you buy, the lower your premiums. By buying a base cover early, and topping it up later with another plan, you can keep your overall cost more manageable than upgrading the original plan later at higher age-based premiums.
Claim Diversification
Having term insurance policies from more than one company makes sure that your family can still get a claim payout from another company even if there is a delay or disagreement with one of them.
Rider Flexibility Across Plans
Many insurance companies do not provide all additional rider options such as critical illness benefit, accidental death benefit or premium waiver benefit. If you buy two term insurance policies, you will be able to club the rider advantages of both policies. For instance, you may select a life insurance plan and get another policy with extensive benefits of term insurance riders based on your existing health and financial resources.

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Key Considerations Before Buying Multiple Term Plans

Consider these critical factors before purchasing a second policy:

Aspect	What You Should Know
Income Eligibility (HLV)	Your total life cover should align with your earnings and liabilities.
Disclosure Requirement	When applying for a new term plan, you are bound to declare every one of your existing term plans. Hiding an existing term plan can risk the claim settlement of the other term plan.
Medical Requirements	A new policy may require additional underwriting and medical tests.
Claim Management	Nominees will need to file claims separately with each insurer.
Premium Tracking	You'll be responsible for paying premiums on time for each policy.
Claim Process	In the event of loss of life, the nominee will be required by law to submit individual claims to every one of the insurers concerned. After that, each insurer will independently review and pay the claim.

Is it Possible to Claim Multiple Term Insurance Plans at Once?

Yes, it is possible to claim more than one term insurance plan at a time either with one insurance company or different ones. Every insurance plan is considered separately. Because of this, the assignee can get the full sum assured money, if all the policies are paid up and the information of the policies was honestly given during the policy purchase.

Key Aspects of Claiming Multiple Policies:

Compulsory Full Disclosure: You must get the details of all your different term insurance plans through to every insurance company on the list. Failing to do just one thing here might cause all the other claims to be disallowed later on.
No Cap on Number of Policies: There is no maximum amount of number limit on acquiring a term insurance plan. Yet, the coverage should, as the insurance agent told, balance your earning power, age, and overall financial condition.
Filing a Claim: The heir will have to file a separate claim with every one of the companies if the policyholder passes away. For that, one has to give documents like a death certificate, policy documents, and claim forms to each insurer.
In-depth Survey for Claims Coming in Fast After Purchase: Insurers have the right to carry out a thorough survey of such claims if the policy was less than two years.
More Financial Benefits: You may get more benefits of different kinds through multiple coverages, and that's why your family will also be safer financially.

Important Considerations:

Multiple Documentation Required: Since each insurer processes claims separately, your nominee will need to handle multiple sets of paperwork and follow-ups.
Avoid Over-insurance: Taking coverage beyond what matches your income and eligibility can create issues. Insurers may question or limit such policies to prevent misuse.

Is It Good to Have Two-term Insurance Plans?

Yes, two or more term insurance policies are a good idea to ensure the life insurance keeps up to date with changing needs. A second policy also gives you a better understanding of your insurance requirements, helps keep life insurance costs manageable, and spreads the risk of claims among different insurance companies. The best way to make this work is by informing your new insurers about any policies you already have and, at the same time, not exceeding coverage and maintaining the updated documents. Besides, the different term policies can give your family a higher level of more customised future protection at lower costs.

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FAQs

Q: Can I buy two term insurance plans from different companies?

Ans: Yes, you can claim 2 term insurance plans from two companies if both policies are active and all information was honestly disclosed during purchase. Each insurer will assess and settle the claim independently.
Q: Is it advisable to buy two term insurance policies?

Ans: Yes, in case your financial commitments have increased with time, it is beneficial to take two term policies. It offers you the flexibility to select your sum assured, tailor your premium premiums and not depend on a single insurance company.
Q: Can I take 2 term insurance plans?

Ans: Yes, you can take 2 term insurance plans from the same/different company by paying premiums. While applying, let the insurer know about existing policies and pay the premiums that come under your HLV limits.
Q. Can you get life insurance if you have cirrhosis?

Ans: Yes, but it can be challenging. Insurers cover to the extent of the condition. For instance, if the condition is serious, with your medical history and the treatment undergone, you may be offered a policy with higher premiums.
Q. Is osteoporosis covered by insurance?

Ans: Yes, health insurance usually covers Osteoporosis. But it is criteria for coverage based on the policy, pre-existing condition, waiting period, etc.
Q. Can a person with dementia get term insurance?

Ans: It can be difficult to secure term cover if you are registered with dementia, mainly if the disease is at an advanced stage. Most of the insurers tend to regard it as a serious risk and deny applications or provide only limited benefits.
Q. Is it possible for an individual to have multiple term life insurance plans in India?

Ans: Yes, people in India can also own multiple term plans, and both policies can be claimed for the entire amount by any nominee provided the details of all policies are disclosed to the insurers and the premiums are also paid regularly.
Q: What are the benefits of having multiple plans

Ans: It is beneficial to have more than one life insurance plan as extra insurance would mean getting much more total coverage. It would be like a safety net of diversified financial protection with different situations covered. One way or another, different plans address different life and financial situations, and it is all for the good of your family's economic outlook.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month 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 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/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 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/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 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/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 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

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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