Know your Rights As Insurance Policy Holder

As a smart consumer, you should be aware of your duties and rights about your policy coverage and claims.

 

You have the right to

– Cancel a life insurance policy within 15 days from the date of receipt of the policy document. If you disagree to any of the terms or conditions in the policy

 

You can

– Return the policy stating the reasons for objection

– You will be entitled to a refund of the premium paid

– A proportionate risk premium for the period on cover and the expenses incurred by the insurer on medical examination and stamp duty charges will be deducted

– If it is a unit linked insurance policy (ULIP) in addition, the insurer can repurchase the units at the price on the cancellation date

 

ULIPs

– You have the right to partial withdrawal

– You have the right to switch funds

– You can surrender the policy after the lock-in period from the date of commencement of the policy

– The nominee/assignee under a life insurance policy has the right to the death claim amount

– You can ask for alterations in the policy such as:

– Mode of payment of premium

– Term of the policy

– Increase in sum assured and

– Premium redirection

Courtesy: http://www.policyholder.gov.in/know_your_rights_and_duties.aspx