About 2 years ago, I bought a term plan for Rs1 crore, but seeing the way costs are increasing, I want to increase this to Rs2 crore. Can I enhance the same policy, or will I need to buy a new one of Rs2 crore, or should I buy another one of Rs1 crore and continue the previous policy as well?
—Sivaji
Sum assured in term life insurance policies cannot be generally changed mid-term. If you are looking for an enhanced sum assured, you will have to either buy a new policy altogether or buy a supplementary cover.
