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LIC e-Term Insurance Plan (825) - Sum Assured Upgrade
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13 Apr, 2021
by pratham dembla
I have a LIC e-Term Life Insurance Plan (Plan no.825). The sum assured is Rs.1 crore. Last year I got married and want to increase the sum assured to Rs.2 crores.
Is there a way to do that?
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14 Apr, 2021
CEO, Insurance Samadhan
Dear Pratham
Please note that Life Insurance is a contract with respect to the facts on the date of policy commencement . Your premium rate is fixed as per your age for the full term . It does not have any provision of increasing sum assured at later date.
You will have to apply a new proposal with revised premium of your current age .
You will be underwritten and offered a new insurance .
Shailesh
Co founder
Insurance Samadhan
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Dear Pratham,
The LIC e-term is a plain vanilla term insurance policy that doesn't provide for step up cover without medical underwriting like few other life insurance companies nor does it have increasing sum assured cover.
Since you are young and all insurance companies are regulated by IRDA, you can take a term cover from other top insurance companies. Please do compare different plans using Beshak Ratings.
Feel free to reach us if you have further questions in this regard.