Readers' Corner: Planning to retire? Some options for regular pension

Life insurance policy: There are different types of annuities available in the market

I had purchased a term policy a few years ago. It has a sum assured of Rs 2.5 million. I feel that I should increase it to Rs 10 million. I am also told that premium rates have come down, so I could get a new policy at a lower price. I am 46 years old. Will insurers be willing to enhance my cover?

Generally, it is difficult to increase the cover of a term policy after its issuance, however, you may check with your insurer as policies differ from product to product. Currently, the term plan rates have been revised