Prices Increasing soon Prices Increasing Soon

How You Can Increase the Cover Amount of Term Insurance?

A Term plan is a simple and affordable type of life insurance product that provides financial protection to your family in case of an unforeseen event. When buying a term plan, various factors need to be considered such as expenses incurred, assets, liabilities, annual income, and future financial goals. The financial objective might change as you grow older, and your financial needs may also increase with risking medical expenses and changing your lifestyle. 

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~
rating
6.7 Crore
Registered Consumers
51
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:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
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.

So, how you can take care of all these changes with fixed-term term insurance coverage? Here we have discussed different ways to increase term life cover:

How to Increase Term Insurance Cover?

At the time of investing in a term insurance plan, your priority would be to leave a sufficient amount of money for your loved ones in case you die before fulfilling all your financial responsibilities. So, in order to get the right amount of life cover (sum assured), you should calculate how much amount you would need for completing all your financial objectives such as higher education for children, weddings, paying off debts and loans, and supporting the current lifestyle of your family in the long term.

Additionally, inflation is an important factor that should be considered. The real sum assured amount that you computed might not be sufficient for your family’s requirements.

So now what should be the next step to do? Is there any possibility to increase the coverage of your term insurance plan? Let’s discuss:

Here are some of the options that should be considered if you want to increase the term life coverage:

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

  1. Upgrade your coverage by purchasing a new term life insurance plan

    One of the best ways to increase term life cover is by purchasing a new term insurance plan overall. You are required to go through the entire procedure of documentation and undergo new medical examinations. If you get older and might have a medical condition, there is a good chance that your upgrade could become costly. In some cases, the increase in policy might get declined or rejected because of health or age-related reasons.

  2. You can choose the option of increasing cover

    Rather than going through all the difficulties related to multiple plans, you can buy a term plan with an increasing cover option. As the name signifies, your amount of life cover will keep increasing slowly with time till it reaches a maximum limit.

    You are not required to undergo any new medical test and there is no risk of your upgrade getting declined. The term plan will be upgraded systematically without your interference every time.

  3. Buy a Term plan with the option of Life Stage increment

    You can simply ask the insurance company to increase your life cover at certain pre-specified points in life. The policy has this option at the time of buying the policy.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

What are the Benefits of Increasing the Term Insurance Cover Amount?

Single premium with single policy: Using a manual upgrade, you buy a new term plan by paying an additional amount of premium depending on your age and health status. You will continue to pay 2 premiums throughout the policy term. Whereas, in increasing the cover option, you have only a single plan and a single premium for a lifetime.

Automatic increase in life cover: When you upgrade manually, you are required to submit documents, sign new documents of declaration and undergo new term insurance medical tests, etc.

Additionally, some terms and conditions are also applicable. On the other hand, in increasing life cover options, no new applications, documents, medical tests or declarations will be needed. There are no such additional T&Cs that you have to sign to increase the life cover. It will be done automatically.

No such rejection risk: If you think to upgrade your plan at an older age, there is a probability that you will pay a large amount of extra premium amount for a higher age and for any medical disease or illness you get diagnosed during this time. Also, there exists a risk of the proposal being declined because of poor medical conditions or higher age. With the increasing life covers, you don’t have to think about paying additional premium amounts or the plan getting rejected.

How many Types of Increasing Covers Exits in Term Insurance?

Depending on the insurance company, there are a number of increasing cover options available in the insurance industry. You can select the cover that is right for you, based on the maximum coverage you are thinking to opt for or % increase or maturity age.

Different types of modes of increasing coverage are offered by different insurance companies. Following are some examples:

  • 5% increase/8%/10% per year till the life cover becomes 2 times

  • 5% increase/10% every year till the term of your policy ends

  • 5% increase every year till the policyholder reaches 55 years of age

And, if you thinking to buy an increasing cover option or increasing term insurance plan just to balance the impact of inflation, in such cases, you can simply choose a plan with an increase in the interest rate that matches the estimated rate of inflation.

Wrapping It Up!

Altogether, choosing the option of increasing cover while purchasing term insurance might be good for hassle-free management of your term plan and easy managing of the death claim by your loved ones. This process is easy and automatic and does not require you to go through any medical examinations or submit any new documents. It ensures that your family has enough coverage throughout the policy tenure.

You can easily buy a new term insurance plan or choose to opt for the increasing cover option with your existing insurance company.

Different types of Plans


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
22 Feb 2024

Tata AIA 50 Lakh Term Insurance

Ensuring the financial well-being of your family requires

Read more
22 Feb 2024

SBI Life 75 Lakh Term Insurance

SBI Life Insurance Company offers a variety of sum assured to

Read more
22 Feb 2024

Kotak 50 Lakh Term Insurance

Securing your family's financial future involves detailed

Read more
22 Feb 2024

SBI Life 70 Lakh Term Insurance

Many people are confused about the ideal life cover amount and

Read more
22 Feb 2024

PNB 50 Lakh Term Insurance

Securing your family's financial stability involves thoughtful

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
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL