Five rights you have as an insurance policy holder

1. Policy holders can cancel the insurance policy within 15 days from the date of receipt of the policy documents if they do not agree with the terms and conditions stated in the policy.

2. Ulip ( unit-linked plan) holders have the right to withdraw their investment partially. They can also switch funds in a Ulip from one plan to another without any restriction or additional costs.

3. A policy can be surrendered after the end of the prescribed lock-in period from the date of commencement of the policy.

4. Term of the policy can be increased or decreased by the policy holder. The sum assured can also be increased. However, these changes may impact the amount of premium payable.

5. Policy holders can modify the mode of premium payment and switch from cheques to direct debit or through ECS instructions to their banks.





The content is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre and Arti Bhargava.