Can I get a larger cover from same insurer? | Value Research You have already bought a term insurance worth Rs 1.5 crore from one insurer. If you feel the need for higher insurance cover, insure with another company
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Can I get a larger cover from same insurer?

You have already bought a term insurance worth Rs 1.5 crore from one insurer. If you feel the need for higher insurance cover, insure with another company

I am a resident of UAE and I file my income tax returns as an NRI. I already have a term plan for ₹1.5 crore from Aegon Religare since last three years. I am 35 and I don't have any major illness. My current liability in India is around ₹50 lakh. I would like to seek information on:

  1. Can I get a larger insurance cover in the same policy?
  2. If not, can I buy a second policy (online Term Plan) from Aegon or any other Insurer from UAE?
  3. In that case, how the medicals will be done?

- Sandeep Mehta

Diversification is very important whether it is investment or insurance to reduce the risk. You have already bought a term insurance worth ₹1.5 crore from one insurer. If you feel the need for a higher insurance cover, insure with another company. Max Life and HDFC have plans that are suitable for your age.

You can purchase a new policy in two ways. First is to buy insurance when you visit India and all the processes can be completed, including the medical examinations at the company's cost. Second is to buy life insurance in India while staying overseas through written communication. You may have to incur certain additional costs. For instance, if you purchase the policy from abroad, you would have to do the medical tests at your own cost and send the report to the insurance company in India.


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