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How Can You 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. 

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Why Should I Increase My Term Insurance Cover Amount?

At the time of purchasing a term insurance plan, your priority would be to leave a sufficient amount of money for your loved ones in case of your unfortunate death during the policy term. Therefore, in order to get the right amount of life cover (sum assured), you should calculate how much amount you would need to complete all your financial goals, such as child’s higher education or 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.

How to Increase Term Insurance Cover?

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

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Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

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₹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 suggests, your amount of life cover will increase at a certain rate until it reaches a maximum limit. Under this term plan, you don’t need to undergo any new medical tests, and there is no risk of your sum assured increment being declined.

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

    Various term insurance plans offer the option of adding life stage benefits, which allows you to increase the sum assured by usually 50% in case of the policyholder’s marriage or 25% in case of childbirth. This feature is added free of cost and provides the option to increase the sum assured at different life stages like marriage, childbirth, and home loan.

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

Here is a list of ways in which increasing the term insurance cover amount can benefit you:

Hassle-free: With multiple term insurance plans, the hassle of tracking the premium due dates of all the policies will increase, ultimately increasing the chances of a policy lapse. However, if you buy a single term plan and increase the coverage, the hassle of keeping track of multiple policies and ensuring their premiums are duly paid is reduced.

Fixed Premiums: if you buy multiple term plans, the overall premiums paid to keep all the term plans active increase, but if you increase the cover amount in one policy, the premiums remain the same throughout the policy term. You can use a term insurance premium calculator to get an estimate of the premiums you would need to pay for the desired 

Easy Upgrade: When you buy a new plan to increase the cover amount, you are required to submit documents, sign new documents of declaration, undergo new term insurance medical tests, etc. Additionally, various terms and conditions are also applicable. On the other hand, when you increase the cover amount in an existing term plan, no new applications, documents, medical tests or declarations are required. There are no such additional T&Cs that you have to sign to increase the life cover.

No Rejection Risk: If you think of upgrading 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.

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.

How Many Types of Increasing Covers Exist in Term Insurance?

Depending on the insurance company, there are a number of ways that allow you to increase the cover amount in your term or life insurance policy. 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.

And, if you are thinking of buying 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.

Note: Know what is term insurance first and then buy a term plan for your loved ones.

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.

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


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