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All about Your Rights and Duties While Buying Life Insurance Policy

Know your Rights and Duties before buying a Life Insurance Policy. Here are certain rights and duties as an insured you must know before buying an insurance policy.

  • 4,640 Views | Updated on: Jan 15, 2024

When you buy life insurance, you are investing money to secure yourself from any uncertain conditions in the future. To safeguard your interests, there are certain rights and duties that are granted to you while buying an insurance policy. These rights and responsibilities of the insurer and insured have been prescribed by the IRDA (Insurance Regulatory and Development Authority). Let’s look at the important terms and conditions you should be aware of:

Rights of Insurance Policyholder

1.If you disagree with any of the terms and conditions mentioned in the life insurance policy, you can cancel the plan within 15 days of getting the policy documents

2.You can return the policy stating the reason to the insurer

3.The premiums paid shall be refunded to you by the insurer

Rights of ULIP Policyholder

If you hold a Unit-Linked Insurance Plan (ULIP), the following rights also apply to you:

1.If you are canceling the ULIP policy, you can buy the units again on the cancellation date

2.You have the right to make a partial withdrawal from your policy

3.You have the right to switch the funds you have invested in ULIP

4.The policy can be surrendered after the lock-in period of the policy ends

5.The beneficiary has a right to the death claim amount of the Unit-Linked Insurance Plan

6.In ULIP, you can request for alterations for the following heads:

  • Premium payment mode
  • Policy term
  • Increase in sum assured
  • Premium redirection

Duties of Insurance Policyholder

Here are some of the duties assigned to you as a policyholder for the below-given situations:

Duties of Policyholder While Buying the Policy

1.You have to fill the form truthfully without hiding anything as it an insurance contract

2.You should not leave any columns empty in the form

3.Any blank forms should not be signed at any condition

4.You will be held responsible for all the details mentioned in the form as it is signed by you

5.You have to disclose all the material information related to you as the risk cover is meant to secure you

6.The terms of the policy can be selected as per your needs

7.The amount of premium that has to be paid towards the policy can be chosen by you

8.You can select the frequency of premium payment

9.You should opt for an electronic payment mode for safety, to maintain records,and for convenience

10.The nominee should be chosen if you have bought a policy and their details should be entered correctly

Duties of Policyholder after Buying the Policy

1.You should hear from your insurer in 15 days after submitting the policy

2.If any other documents are asked for by the insurer, you should comply with their request

3.The policy bond should be made available to you in a reasonable amount of time after the proposal has been accepted

4.You should go through the policy bond once the proposal has been accepted and check if the drafted policy is what you actually wanted

5.Check the term and conditions mentioned in the policy to cross-check if they are similar to what was told to you initially

Maintaining the Policy

1.You should pay the premiums of your policy on the given due date

2.You should inform the insurer if there are any changes in your address

3.In case you are paying via a cheque, you should make arrangements to give it to the insurer instead of waiting for an agent to pick it up

Nomination

While changing the nominee for your policy, you follow the below-given instructions:

1.You can file a notice for a change of nominee

2.You can send the nominee to the insurance company to register their name

3.If the nominee is a minor, you can nominate an appointee to take care of the claim amount till the actual nominee is still a minor

4.The appointee has to provide their signature to show consent to be the appointee

Duties of Policyholder If the Policy Lapses

If you do not pay your premiums regularly, then your policy can lapse. In such a case, you should contact the insurance company to revive the insurance policy.

Duties of Policyholder If the Policy Gets Lost

1.You should contact the insurance company immediately if you have lose the policy documents

2.A duplicate policy bond should be requested and the formalities should be complied with by you

3.The duplicate policy bond given to you confers the same rights as the original policy bond

Duties of Policyholder at the Time of Claim Settlement

1.You should cooperate with all the requirements demanded by the insurer or a third party who is handling the claim process

Now, you know all your rights and duties that have to be followed if you have a life insurance policy. The life insurance rights have been given by the official government body, hence, all the insurance companies have to comply with the rules and regulations.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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