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Increase term policy cover

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10 Aug, 2022 by  Hari Nayak

Hello,

I have taken a term policy from Max life in the August last year, this policy doesn't have increasing life cover option. Now, my income has increased compare to the last year and I want to increase the life cover. Is it possible to increase the cover under same policy now?

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Term Life Insurance

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12 Aug, 2022
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Hello Hari,


I am happy that you are thinking to increase your cover

I'll suggest that you fill in this questionnaire on the link

https://www.beshak.org/insurance/term-life-insurance/trumatch/app/


Now you'll know how much is the sufficient cover for your family


Buy an add on Term Insurance with the difference in cover/buy a new policy and surrender the old if the premium is similar


Once you have bought a life insurance you cannot increase the cover amount after the issuance

Hope this helps, can connect for further information


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12 Aug, 2022
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Hi Hari,


In general increase in life cover does is not allowed. However in many plans there is a option to increase cover by a certain percentage on a achieving a certain life stage milestone like Marriage, Child Birth and Buying a Home. Unfortunately increase in salary is considered a life stage milestone.


You may however buy additional term plan that could help you increase the cover. One important thing to understand here is weather your liabilities have also increased with the gain in income? Suggest do a TruMatch assessment from Behak's platform to know amount of cover you need vs what you have. Incase there is additional requirement go-ahead buy a new plan else be happy with what you currently have.

A beshak listed advisor can help you in buying a plan.




Regards

Rohit Dhingra

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