Home |Life Insurance | I've already bought a term insurance with a fixed cover of 1cr. But now , I want to increase this cover amount to 2cr. Shall I buy a new one ? Or is there any other option?

I've already bought a term insurance with a fixed cover of 1cr. But now , I want to increase this cover amount to 2cr. Shall I buy a new one ? Or is there any other option?

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Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on March 01,2022

Dear 

You should buy a new plan . Continue the old and buy additional cover of Rs 1 crore as per reason below :

  1. First three year period is critical and gets an assurance of claim under section 45 .
  2. Your premium rates would be taken as per your age and health today .

Do not forget to declare your existing cover while applying new .

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