Term Insurance Top-Up

[golokeshpatra.patra@gmail]

Hi Team,

I had bought a Term Insurance (HDFC Life) with 75 Lacs coverage + addons (all).
Now I feel, I need to increase the insurance coverage, so should I buy new insurance or is there any other option I can explore?

 

[zacobite]

Hi Team,

I had bought a Term Insurance (HDFC Life) with 75 Lacs coverage + addons (all).
Now I feel, I need to increase the insurance coverage, so should I buy new insurance or is there any other option I can explore?

new is better..you cannot top up a pure term plan..

 

[Akshita.sri]

Hi Team,

I had bought a Term Insurance (HDFC Life) with 75 Lacs coverage + addons (all).
Now I feel, I need to increase the insurance coverage, so should I buy new insurance or is there any other option I can explore?

Hello! It's understandable that your insurance needs change over time, and there are a few options you can explore to increase your coverage:

Option 1: Increase Coverage in Existing Policy
Some insurance providers, including HDFC Life, may allow you to increase the coverage of your existing term insurance policy through a feature called "Life Stage Protection." This feature enables you to increase your coverage amount at key life milestones, such as getting married, buying a house, or having a child. Reach out to HDFC Life to inquire about this option.

Option 2: Purchase a New Term Insurance Policy
If your current policy doesn't offer the option to increase coverage, or if the increase isn't sufficient, you can consider purchasing an additional term insurance policy. Buying a new policy allows you to tailor the coverage amount and terms to your current needs.

Option 3: Layer Your Coverage with Riders
If you haven't already done so, you can add riders to your existing policy to enhance your coverage. Riders are add-on benefits that provide additional protection, such as critical illness riders or accidental death benefit riders. Keep in mind that adding riders may increase your premium.

Factors to Consider?
Before making a decision, consider the following:

• Premium cost: Ensure that the increased coverage aligns with your budget and doesn't lead to a financial strain.
• Policy terms: Review the policy terms, such as the tenure and premium payment options, to ensure they suit your current needs.
• Health and age: Keep in mind that purchasing a new policy or increasing coverage may require medical underwriting, and your current health status and age may impact the premium and policy terms.

Remember, it's essential to carefully assess your financial needs and consider consulting with a financial advisor before making changes to your insurance coverage.