While taking the policy, the insured gets certain rights, under which he can cancel the policy, change its term, etc.
insurance policy
An insurance policy is very beneficial to protect the future. Different companies provide different types of policies according to the needs of the customers. With taking any policy, the policyholder also gets some rights. Under this, if a policyholder wants to surrender it or wants other options, then that facility is also available. Today we will learn about the rights of the policy holder, which have been provided to them.
Policy can be canceled in 15 days
As per the instructions of the Insurance Regulatory, the policyholder can get the insurance policy canceled within 15 days of receipt of the documents. If you do not understand any terms or conditions of the policy, then you have the right to cancel the same.
You can get premium on policy return
If you have bought a health insurance policy, then a ‘free look period’ is given in it so that you can understand the policy thoroughly. Despite this, if it does not look good, then you can get it canceled. You can return the policy by giving a solid reason. After this you will get back the premium amount paid. If the insurance company has paid for medical check-up and stamp duty, then that amount will be deducted.
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.
Right to switch to another fund
If you have purchased a Unit Linked Insurance Policy (ULIP), you have the right of partial withdrawal. You can also switch to another fund. Apart from this, if you want some changes in the policy such as change in the mode of premium payment, change the term of the policy, increase the sum assured, etc.
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