Readers' Corner: Insurance Policy

Insurance need increases as income and liabilities or responsibilities grow, and therefore it is prudent to keep reviewing one's policy at every life stage

I am 28-year-old. I have a term insurance policy of Rs6 million for 30 years. What would be the criteria for increasing my insurance cover? Would it also be possible to change the insurer and the term of my existing policy? 
 

As you wish to increase your existing cover, you will have to opt for a new term policy, in case your existing policy doesn’t have the increasing sum assured option. The benefit of portability is not applicable to life insurance policies yet. Changing the insurer for this particular policy, therefore, will not be possible. However, you can opt for