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Got Married Or Have A Child? Time To Increase Your Term Insurance Cover!

Updated On Aug 11, 2021

One of the latest additions to the features of term insurance plans is the growing term insurance plans. These plans offer you the option to increase the benefit amount without having to buy a new policy every time.

Along with responsibilities and incomes the umbrella we build for our families to survive under after emergencies should also grow larger. In simpler terms, as you acquire family and it grows with children, so do your responsibilities of providing them a secure financial future. Therefore, your insurance cover, especially the term insurance cover should also grow.

How Does Your Term Insurance Cover Increase?

There are multiple ways you can keep your term insurance cover growing along with your responsibilities:

1. Buy Additional Life Covers

Buying additional life cover is simple as you can apply for a new term or other life insurance policy with significant growth in your income.

2. Buy A Plan With Life-stage Increment Options

You can simply ask the insurer to increase your sum assured of the policy at certain predefined points in life. However, the policy should have this option at the time of purchase.

3. Get An Increasing Cover Term Insurance

Increasing term cover is where your sum assured of the plan automatically grows every year. Here also, you do not need to buy another policy; you will not even have to submit a request for increment.

When to Select Which?

There are many other factors you should know about each of these options:

1. New Policies

This is something you will automatically end up doing. You can buy a new policy with added life cover at the time of investing in a child’s education and marriage goals. You can also buy additional life cover with pension plans.

2. Life-stage Growth

This is only possible for those buying early or at least right after marriage. As the largest increment occurs at marriage (50%), it makes sense to have this option in the policy if you are buying before marriage.

3. Increasing Term Cover

From the point of view of convenience, this cover is the most comfortable. The sum assured can keep growing automatically every year as your life goes on. But it also does not give you a choice to stop the increments. Unlike in the life stage option, where you can avoid increasing your term cover until you get married or plan for a baby. So, if you already have a family, perhaps this option would be a better choice for you.


Generally, choosing the right kind of term policy can be overwhelming for you. With the increasing term plan, it all becomes better. In fact, you should ask for increasing coverage at the time of purchasing a term protection plan for the benefit of your family. It doesn't expect you to go through any medical tests or present any new documentation, all this while guaranteeing that your family has adequate cover till the end of the term.

You may also like to read - Buying A Term Insurance Plan Online Vs Offline - What's Best For You?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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