changement in sum assured

Hi Shubham!

You can change the sum assured or the policy term but it is subject to conditions of the insurer. You can check with your insurance provider to know the exact process of the same.

Hope it helps! :)

As far as I am able to understand your query, you are concerned with Two things;

1. Would you be able to change your policy term, premium amount etc etc.?

For this you have to contact your respective insurance policy provider.

2. Would you be eligible to claim tax benefits (in case earlier you were not) if you change the policy structure say maturity period, policy term etc. [ I believe this is your main concern]?

Logically, it would be Allowed. Because it is exact opposite to the case like when you were earlier eligible to claim deduction and later on you default then you have to reverse that Deductions which were earlier claimed by you. If in that case you have to reverse the Deductions then in your case Deductions should also be given. Although, There is no exact law for that, but practically I believe it must be allowed.

Thanks. Be Helpful to One Another!