A smart customer should be aware of his rights when he buys an insurance cover. Below are some of the rights of a policyholder compiled from IRDAI’s website.

1. You have the right to cancel a life insurance policy within 15 days from the date of receipt of the policy document

2. If you disagree with any of the terms or conditions in the policy , you have the right to:

· 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

3. In case of 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

4. After the policy is issued, you can change the nomination by:

Filing a notice of change in nomination and sending them to the insurance company (to register in their records)

If the nominee is a minor, appoint an appointee to receive any claim paid while the nominee is still a minor

Get the appointee to sign in the endorsement showing consent to act as an appointee

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