The radially inward centripetal acceleration v^2/r is a requirement for an object to move in a circle with that speed and radius. It does not matter if the object is in uniform circular motion or not. If the object's angular velocity is increasing, that just means that there is a force component acting parallel to the object's motion as well. The centripetal acceleration, however, is still v^2/r.
If we take a snapshot of the object's motion at the top of the circle, and taking down to be positive, this is what we have:
F net=T+mg as both the weight force and the tension force are directed straight down.
This means T=F net-mg=mv^2/r-mg
At the bottom of the circle, T is now directed upwards. So is the centripetal force.
Taking up to be positive, we have F net=T-mg, T=F net +mg=mv^2/r+mg
I think the answer to your question should be clearer now.