Policy Holder Rights: If you do not understand any terms or conditions of the policy, then you have the right to cancel it.
Policy Holder Rights: With taking any policy, the policy holder gets certain rights. Today we will know about the rights of the policy holder, which have been provided to them.
Right to Information:
According to the guidelines of IRDA, the insurance company or agent is required to give complete information to the customers about the policy purchased by him.
You should know all the information like insurance policy benefits, premium, mode of premium, term period, charges and taxes, sum assured.
Policy Cancellation Right:
You can cancel the insurance policy within 15 days from the date of receipt of the policy document. If you do not understand any terms or conditions of the policy, then you have the right to cancel the same.
If you have purchased a health insurance policy, then a ‘free look period’ is given in it, that is, you can understand the policy well during this period. If you don’t like it, you can get it canceled. You can return the policy by giving a solid reason.
After returning the policy, you get back the premium amount paid. You are entitled to get the premium paid back.
If the insurance company has incurred expenses for medical check-up and stamp duty, then that amount will be deducted, apart from this no cost will be deducted.
Right to accept or reject the offer:
If you accept the offer of the insurance company, it is the responsibility of the insurance company to provide you with a free copy of the offer form within 30 days of that.
If there is no proposal form, the insurance company needs to record the information received, either verbally or in writing. This has to be confirmed within 15 days. You have the right to accept or decline the offer within these 15 days.
ULIP Surrender and Switching Rights:
If you have purchased a Unit Linked Insurance Policy (ULIP), you have the right of partial withdrawal. You can also switch to another fund.
The customer has also been given the right to surrender the policy after the lock-in period of your policy. The nominee is entitled to the death claim amount under the life insurance policy.
Apart from this, you can also get some changes done in the policy, like changing the mode of premium payment, changing the term of the policy, increasing the sum assured etc.
On cancellation of the policy, the insurance company will buy back the unit as per the price on the day of cancellation.
