Can the time value of money ever increase under any circumstance? I read an article that deflation could lead to and increasing TVM, but it cannot be the only factor right. What factors would decide if TVM would ever increase?

More than inflation, it is about interest rates. For example, in some countries like Japan, Germany and Sweden, the interest rates are negative. Technically, the time value of money should increase in these economies. But these tend to be low growth economies and hence that is negatively canceled out. It is not a healthy situation to have.