Let's assume that an insured person who owns a term insurance plan suffers a heart attack just prior the policy expires. (policybazaar.com)
You have the option to increase or decrease the sum assured any time during the policy term, by giving prior notice to the company 30 days prior the policy anniversary. (comparepolicy.com)
In order to exercise this option, you need to give a notice to the company 30 days prior the policy maturity. (comparepolicy.com)