Consider buying an additional term plan to increase coverage

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2 min read
fairly easy
Term plans are long-term contracts, where premium and coverage is fixed for the duration of the policy
I'm 35 years old. I have a term insurance policy of ₹80 lakh for a period of 30 years. How should I increase my life insurance cover? Also, is it possible to change the insurer and the term period of my existing life policy?

—Name withheld on request

. Select plans allow modifications within a predefined set of parameters. To enhance coverage, you need to buy additional term insurance plans. This could be bought from the same insurer or a different one. In case of death, all active term insurance plans need to pay. Term plans do not allow portability. So, you cannot shift the current plan; however, you can buy a new plan and discontinue the existing plan. The only waiting period in a term plan is that of suicide for a year.

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