Indexation (or to Index Link a policy) gives you the option to increase the amount of cover you have on an annual basis, to help combat the effects of inflation. The premium will also increase each year, to reflect the increase in policy benefit.
Each provider increases the sum assured and premium in slightly different ways. This is detailed in the Key Features Document for the policy, so be sure to read through this carefully and contact your provider should you have any questions.
Indexation is not available for Decreasing Term Life Assurance policies.