Can term insurance amount be increased after taking the same?
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I have taken term insurance last year (2 premiums paid) from Max Life and it is of 1 Cr. I wanted to increase the amount and I know this means extra premium.
At the time of taking the insurance, my entire body medical was done as well (in person, not over call).
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https://www.desidime.com/discussions/can-term-insurance-amount-be-increased-after-taking-the-same?page=1#post_9282747
Have not opted for anything like that and also life events like marriage, kids are done from end so that is also not going to be applicable (even if there was facility).
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https://www.desidime.com/discussions/can-term-insurance-amount-be-increased-after-taking-the-same?page=1#post_9282758
Better take an additional Term insurance . Separate policy no. But it is necessary to disclose your 1st policy to the other company.
https://www.desidime.com/discussions/can-term-insurance-amount-be-increased-after-taking-the-same?page=1#post_9283113
Its is always advised to take multiple insurances from different companies rather than lumpsum from one company. Nevertheless buy another from another company
https://www.desidime.com/discussions/can-term-insurance-amount-be-increased-after-taking-the-same?page=1#post_9286139
You can do it but its a long process.
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If you have opted for incremental coverage yes you can increase the coverage from 1cr to 1.5cr to 2cr.. If the option is not selected I don't think you can increase the coverage but let's hear form others