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How to Strengthen Your Term Insurance Cover?

Online term insurance plans are gaining popularity among the new Indian generation. They are one of the highest-selling insurance products online. In India, people majorly purchase life insurance plans for tax-saving purposes and then for providing financial protection to the dependants. Those individuals having financial dependants and liabilities are recommended to invest in a compressive term insurance plan with adequate life coverage so that it protects them until their age of retirement.

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How Can You Increase Your Term Insurance Cover?

A term insurance plan keeps your family safe and secure financially. The money obtained from term insurance can be used in the future to pay off loans, child’s education, and their marriage. Financial conditions might change over time because of the uncertainty of life. Moreover, inflation is also an important part that should be taken into consideration. Assessing the right term insurance coverage is not easy. So, there are several ways in which you can grow or strengthen your term insurance cover along with your liabilities. Here are some of the ways by which you can increase your term insurance cover:

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

Purchase Additional Life Covers 

Buying additional life cover is as easy as you can apply for other life insurance or a new term policy with significant growth in your income. This is how you can upgrade your existing term insurance policy. In case if you are older and suffering from a new health condition, there are chances that your upgrade might be very costly. In some cases, the upgrade scheme might get rejected due to health or age-related reasons. 

Select a plan with life-stage increment – In this, you can easily ask the insurance company to increase the sum assured of the plan at certain pre-specified points in life. However, the plan should have this type of option at the time of purchase. This parameter enhances the protection in the critical times of your life.

Choose Increasing Cover Option 

Increasing term insurance cover is where the sum assured amount of the plan automatically grows yearly. Here, you are not required to buy another plan; you are not even required to submit the increment request. In this, you are not required to undergo a medical examination and there is no risk of your upgrade getting rejected. The policy will upgrade systematically without you having to interrupt every time. Let’s discuss some of the term insurance benefits of choosing increasing cover: 

  • One Premium – Purchasing a new policy by paying an extra premium with a manual upgrade depends on your age and health status. With the help of an increasing term cover, a single policy, and a single premium are required for a lifetime. 
  • Increase Automatically – While upgrading manually, you are required to submit documents, have to sign few declarations and undergo fresh medical examinations, etc. Different T&Cs are also applicable under such schemes. Now in increasing cover, no new documents, forms, medical tests, or declarations are required. There are no additional T&Cs that you will have to sign to maximize your sum assured amount. This is done automatically. 
  • No Rejection Risk – At older ages, if you decide to manually upgrade your policies, there are chances that you are required to pay more premiums due to age or due to any medical disease or illness you get diagnosed during these years. In increasing covers, you do not have to panic about paying extra premiums or the rejection of the policy. 

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

Covering Other Unexpected Situations 

Does term insurance cover disability? If yes, then why it is important? If you live till 65 years of age, then you care enough to take care of your family. If you die at an early age and have a term plan, in such cases the pay-out from the plan will take care of the financial requirements of your family. What if you survived till 65 but suffered from disability at that age? In such cases, a one-stop solution is disability riders that pay a lump sum amount. This amount can be used to fulfill the financial requirements of a family. 

Wrapping It Up!

Overall, as you have seen that choosing an option of increasing cover while purchasing a term insurance plan might be good for easy management of the policy. Also, it takes care of the easy management of the claim processing by your loved ones. This is a hassle-free and automatic process. It does not require you to undergo any medical examination or have to submit any fresh documents. It is always suggested to choose an increasing cover and disease and disability riders to strengthen your 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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