Can You Increase Your Term Insurance Cover?

Buy a Life Insurance Plan in a few clicks


Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Can You Increase Your Term Insurance Cover?

Can You Increase Your Term Insurance Cover?
  • 15th Nov 2021 |
  • 504

You choose the best for your family in all situations, and when it comes to life insurance policies, you become even more cautious. Keeping your loved ones protected is one of your top priorities, and many insurance companies help you achieve the same. One popular and commonly opted for plan is a term cover - a pure protection policy designed to provide financial assistance to your family in case of your unfortunate and unexpected demise.

Term insurance is also known as a risk cover policy as it ensures that your loved ones are protected against all kinds of risks, debts, and financial burdens that your sudden absence can bring. Let us look at some key features that term insurance coverage offers:

Features of Term Insurance in India

- The premiums paid against term plans are considerably low, while the term plan coverage is high.

- The tenure of the term insurance is fixed.

- Term insurance coverage provides a death benefit but not a maturity benefit.

- Tax benefits can be availed as per the Income Tax Act of 1961.

Let us try to understand how a term cover (or risk cover policy) works with the help of an example: You are 25 years old and purchase a term insurance coverage for 20 years with a sum assured of one crore, and its premium is two lakhs per annum. Here, your loved ones will get one crore if something happens to you during those 20 years. Though if you outlive the term period, no amount will be given.

However, life does not always work out the way you expect it to. For example, due to inflation, the sum assured value will not be the same as it is today, 20 years from now. Therefore, at any given point in time, the expenditures will differ according to the prevailing prices in the market. Along with this, your children’s school fees might increase, or you may buy a house under a loan, thereby increasing your financial liabilities. Thus, your life cover plan must cater to these changing needs by increasing your term insurance cover.

Increasing The Coverage

The primary way to increase your term plan coverage is to buy a new life cover plan, which requires you to go over the whole process again and the burden of managing two policies together. Though the chances of getting the proposal rejected increase with age, there is a solution to it, that is, you can increase the policy cover while buying it.

For example, it can be increased while buying your risk cover policy with a feature known as life-stage increment. This feature ensures that your cover is increased at every significant milestone of your life, e.g., marriage or when you have your child.

Another way would be to buy increasing term insurance. The purpose of this term plan is that the cover increases annually till it reaches a certain maximum amount. Here the premium may or may not increase, but the cover continues to grow along with your life.

Buying term insurance must be a well-thought-out plan and investing in the right insurance is even more critical to ensure that your financial needs are met. You and your family grow with time, and so do your needs. Therefore, your life plan cover should have your back every step of the way!

Kotak e-Term Plan


  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

All you need to Know about Term Insurance Plans for Housewives

All About Term Insurance Inbuilt Coverage

How Does A Term Life Insurance Work in India?

5 Benefits of Early Retirement Planning

Know How to Invest at Every Age for Larger Returns

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Why Should New Parents Buy Term Life Insurance?

Side Effects of Covid-19 Booster Doses

What Are Insurance Riders and How to Choose Them in a Term Plan?

Individual Life Insurance vs. Group Term Life Insurance

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Can I Extend the Tenure of My Term Insurance Plan?

Does Term Insurance Cover Accidental Death?

How To Calculate The Amount Of Term Life Insurance You Need?

How To Change The Nominee in Term Insurance?

What Is the Correct Age to Buy Term Insurance?

What are the Documents Required for Term Insurance Plan?

Term Life Insurance Plan for Smokers vs Non-Smokers

8 Things To Do After Buying Term Insurance

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

What Happens if you Hide Facts in your Term Insurance?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

5 Term Insurance Benefits for Single Women

Protection for your family

4 Reasons Why You Need Critical Illness Cover

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Busting Myths and Facts About Term Insurance Policies

8 Benefits of Term Insurance You Should Know

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

How Much Term Life Insurance Cover Do I Need in India?

Reasons You Need Term Insurance Plan as a Self-Employed Person

Insuring Protection Against Death With Death Insurance Rider

Insuring Against Disability With Disability Insurance Rider

Increasing Term Insurance and Riders

Comparing Term Plans – What Should You Look Out For

9 Most Frequently Asked Questions on Term Insurance

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

6 Types of Death not covered in Term Insurance Plan

Can Senior Citizens Avail Term Insurance?

Different Types of Protection Plans

Advantages & Disadvantages of Term Insurance in India

What Are the Best Term Insurance Plans for Planning Retirement?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Can Term Insurance Plans Be Purchased As A Gift?

Why Premium Amount for Term Insurance is So Low?

While Buying Term Insurance Compare Features, Not Just Premiums

How to Compare Term Insurance Online

8 Factors to consider before choosing a Critical Illness Insurance

Can I Buy Term Insurance for a COVID-19 Patient?

What are incremental term insurance plans?

Calculating Term Insurance Premium

What Should Be The Duration Of Your Term Plan in India?

Steps on How to Buy Term Insurance Online

Term Insurance – Why You Must Include In Your Financial Planning?

Planning For Children's Future

Why Should You Not Take A Term Plan Without Medical Test in India?

Top 3 Reasons Why You Should Buy A Term Plan Now

4 Methods to Calculate How Much Term Insurance You Need

Is ₹1 Crore Term Insurance Good Enough Cover?

Advantages of Buying Term Insurance in Your 50s

Do You Need Term Insurance Cover After Retirement?

Term Insurance Calculator - Everythng You Need To Know

Is Term Life Insurance Plan an Investment or Expense?

Buying A Term Insurance Plan? Take These Factors into Account

How To Choose the Right Term Insurance Plan?

Is There Any Tax Benefit on Term Insurance?

Should You Have Multiple Term Life Insurance Policies?

Make Your Online Term Plan Your Familys Monthly Payout

What Types of Deaths Are Covered in a Term Insurance Plan?

Why Term Plan Should Be The First Step To Securing Your Future?

Different Types of Premium in Term Insurance

Eligibility Criteria for Buying Term Insurance in India

Is a Term Insurance Policy Portable?

5 Reasons to Buy Term Insurance When You are in Your 30s

How To Choose the Right Sum Assured Under a Term Plan?

Can I Make Changes to My Term Insurance Policy Post Purchase?

Term Insurance With Riders In India

What Is a Renewable Term Insurance Policy?

Do Beneficiaries Pay Taxes on Term Insurance?

Importance of Term Insurance at Every Stage of Your Life

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Why 1 Cr Term Plan Is Necessary For Family?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

What is a short term insurance policy?

Is Life Insurance Investment Worthy Enough

Do I Need to Give a Medical Test for Term Insurance in India?

Best Investment Plans for Children - Secure Your Child's Future

Term Insurance: What Happens When You Don’t Pay Your Premiums?

6 Reasons That Make Term Insurance a Must Buy

Term Insurance Age Limit – Term Plan for All Age Groups

Understanding Term Insurance Riders

Is It Good To Buy A Term Insurance Plan In 2022?

How to Identify Term Insurance According to Your Needs?

10-Year Term Life Insurance Policy - Explained in Detail

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Ensure Protection Against Death, Disease & Disability With Life Insurance

Insuring Against Accidents with an Accidental Death Insurance Rider

How Does Term Life Insurance Work? Learn the Benefits

Gift Your Father A Term Insurance Plan This Father's Day

Why is it important to buy term insurance plan?

What Should You opt for - Limited or Premium Pay?

Term Plans are Definitely Cheaper than You Think!

Which Death Type Does Your Term Plan Not Cover?

Is Group Term Life Insurance Provided By Employer Sufficient?

What is Critical Illness Policy

9 Ways to Help Family Members in Financial Trouble

Why Buy Term Insurance Plan With a High Cover?

Endowment Plans vs Term Plans: Understanding the difference

Term Insurance Plans and Policies for Smokers

Should Youngsters, Working Couples Buy Term Insurance Plans?

Why does every working woman need life insurance?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

How Much Term Insurance Do I Need

How to Ensure That Your Term Insurance Claims Are Never Rejected?

4 Things To Expect From Your Term Insurance Plan in India

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Should You Buy a Term Plan After 40?

Term Plan with Spouse Cover

Why Married People Should Buy Term Insurance Under MWP Act?

How to Surrender Term Life Insurance When you have No Liabilities

Term Insurance Basics You Should Know

What All Documents Required For Term Insurance In India?

Term Insurance: Smokers vs Non-Smokers

Why Term Insurance Is Important in times of COVID-19?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Why Should You Add a Rider to a Term Insurance Plan?

Why Term Insurance Is Better Than ULIP?

How Much Cover Should I Take In A Term Plan?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Everything About Claim Settlement Ratio for Term Insurance

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Insurance Policy for Housewife In India

Difference Between Term Insurance vs Life Insurance

Choosing Riders for Insurance Plans

Cost of Term Insurance Likely to Increase Soon

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Tips to Choose the Right Term Period for Term Insurance Plan

Can I Get Term Insurance on Behalf of My Spouse?

Why Buy Term Insurance Even at Rising Rates?

What is Insurance Premium - A Detailed Guide

Is term Insurance Needed for People With No Dependents?

Planning For Son or Daughter's Wedding

What is Term Insurance - A Complete Guide

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Why Should You Buy Term Insurance in 2022?

Term Insurance with Critical Illness

Why should single women purchase term life insurance?

How Not To Get Your Term Insurance Claim Rejected

Tax Benefits of Term Insurance in India

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Insuring yourself against Ill Health with a Critical Illness Rider

5 Things To Consider While Buying Term Insurance Plan