Prices Increasing soon Prices Increasing Soon

Can Endorsement Be Done In Term Insurance?

Life insurance is entirely situational and therefore should be bought after carefully considering the needs of the policyholder and the respective policy features. This is because, with term insurance policies, there isn’t a lot of scope for making changes to the coverage after the date of risk commencement. However, some alterations or endorsements can be done on some aspects. Mostly, endorsements in term insurance are made possible through riders.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

What Is Endorsement In Insurance?

Endorsement refers to alterations made to an insurance policy mid-term to the coverage, policy term, details about the policyholder, the nomination, etc. Endorsements in insurance are provisions generally available as add-on riders in car insurance policies. Any amendments made to the base policy’s terms and conditions after the policy has been issued fall in the bracket of endorsement. 

Now, several life and term insurance policies are coming with the flexibility to change certain elements of the coverage. Although the term endorsement is not typically used in the case of term insurance, we can draw several parallelisms. 

Can Endorsement Be Done In Term Insurance?

Endorsement is a term specifically used in car insurance referring to policy changes made by a policyholder. In the case of term insurance, there are certain changes that you can make to your policy through riders or based upon the type of plan. In fact, riders in term insurance are excellent endorsement tools to avail of extra coverage and added benefits. Labeling these changes as an endorsement would not be incorrect given that the basic idea remains the same. 

However, note that not every term life insurance policy offers provisions for altering the terms and conditions after being issued, except in the free look period. 

Policy Changes During Free Look Period

The free look period is the time offered to policyholders to look through the policy’s terms and conditions and evaluate if the offerings suit their needs. Every insurer offers a free look period of 15 days. The period starts from the date of policy issuance and allows complete liberty to the policyholder to make endorsements in their term insurance policies within this time frame. From increasing or decreasing coverage, adding riders to making changes to policy terms and premium payments - all of this can be done in the free look period of 15 days without a hassle. 

While endorsements are possible after the expiry of this period, the rules are subject to the policy in question and the insurance provider. It is important to look for clauses in the policy brochures prior to purchase to ensure some room for potential changes in your term plan. 

Let’s look at the most common changes that term insurance policyholders can make to their policies mid-way into the policy term. Note that these are not applicable to all term insurance policies.

Different types of Plans

Types Of Endorsements In Term Insurance

  • Increase the sum assured - Insurance companies sometimes feature the option to increase your sum assured to cover for inflation and growing responsibilities. The top-up facility is one such measure that allows policyholders to add to the basic sum assured to ensure increasing costs at different stages of life. As mentioned already, not every term plan features this benefit and you should go through the brochure first.

  • Tenure extension - The policy term once decided upon can’t usually be changed. However, if you have purchased a renewable term insurance plan, the insurer will extend the policy term by default, unless you decide not to. Another way to extend policy tenure will be to convert the term insurance plan into a whole life cover. 

  • Riders - Riders are the best endorsement tools that you can include in your term insurance policy. You can avail of additional coverage against accidental deaths and disability. Although some riders can only be added at policy inception, others such as life stage riders, critical illness riders can be opted for mid-term. 

  • Premium Payment Frequency - Most term plans come with the option to pay premiums monthly, quarterly, half-yearly, or annually. Some insurers are now offering policyholders the option to change from one mode of payment to another. This feature is especially important for someone who is having a hard time keeping up with the cost of premiums.

  • Addition of a New Member - You can now add your spouse to your term insurance cover if the policy features a joint-life cover option. This ensures a sum assured on the death of either spouse within the policy term. 

Summing Up!

There are certain endorsements you can always make in the specifications of your term policy while it is still in force. From removing and adding nominees, updating addresses, to changing contact details online on the respective insurer’s website or by visiting their nearest branch or calling customer support.

Different types of Plans

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
19 Feb 2024

Kotak 75 Lakh Term Insurance

Securing your family's financial future demands a lot of

Read more
15 Feb 2024

ICICI 75 Lakh Term Insurance

Ensuring the financial well-being of your family requires

Read more
15 Feb 2024

ICICI 70 Lakh Term Insurance

Securing your family's financial future demands thoughtful

Read more
15 Feb 2024

Kotak 70 Lakh Term Insurance

Ensuring the financial well-being of your family requires

Read more
15 Feb 2024

Kotak 1 Crore Term Insurance

In the realm of financial planning, ensuring the well-being of

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
12 Jun 2018

Claim Settlement Ratio of Term Insurance Plan Providers

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
Download the Policybazaar app
to manage all your insurance needs.