how much term life insurance can we take maximum?

2 crore term life insurance cover is typical for ppl with around 10-15 lakh itr so unless your income is now 20-25 Lakh+ in itr I doubt any major provider will approve another term insurance policy with large amount.

Keep it in this range only, higher the claim, harder they try to decline it. Go above this if you have a major hike only

following

legend101 wrote:

Keep it in this range only, higher the claim, harder they try to decline it. Go above this if you have a major hike only

But they can't decline for any reason after 3 years of premium payment right as per IRDAI? Pls correct me if I am wrong

I think 2 cr is sufficient for next 10 years

Ideally coverage should be increased when you have new debts and not when you have rise in salary.

jain01010199 wrote:

But they can't decline for any reason after 3 years of premium payment right as per IRDAI? Pls correct me if I am wrong

They aren't supposed to but higher the claim amount, the more they try to fight it to delay if not decline. Claim for 1-2 cr are usually settled in 24hr period. Higher amounts are not covered in the 24hr gurantee period and may take weeks or months for them to "verify" details.
Thats why its important to check claim settlement ratio of amounts and not just of count of claims settled.

Depends on your income documents...

Do not keep al your eggs in one basket. So next term plan should be from a diff insurer. Unless you are already married with kids, 2 Cr is adequate for a 25 yr old. You can add 50L after marriage and another 50L for each child.