Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

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.

  • Jan 16, 2020

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
Buy Life Insurance Now

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


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.

Buy Term Plan Online

Kotak e-Term

Download Brochure


  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

6 Different Types of Insurance Policies

Life Insurance Beneficiary

How Much Life Insurance Do You Need?

Beware of Phishing & Fraud Insurance Calls

Terms and Conditions of Term Insurance Plans

Various Term Insurance Premium Payment Options Available in India

Always keep your Nominee informed

How Often You Must Review Your Life Insurance Policy?

When are Millennials required to take out a life insurance policy?

How to Make Death Claims on Life Insurance?

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

All You Need to Know About KYC

What is Minimum Life Insurance Policy?

What Is Insurance Rider and It’s Benefits?

Life Insurance vs Mutual Funds

Does Life Insurance Pay for Suicidal Death?

Is Life Insurance an Investment?

Choosing a Life Insurance Beneficiary

NRI Premium Payment Options

Guidelines for Linking Aadhar and PAN to Insurance Policies

How to Buy a Term Life Insurance Online

Is It Time to Review Life Insurance Policy of Yours?

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Process of Filing A Claim For Life Insurance

Loan Against Life Insurance Policy

Is Voluntary Life Insurance the Same as Basic Life Insurance?

5 Ways to ensure faster settlement of claims

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Why You Should Never Cancel Life Insurance Policy

Why Online Term Insurance Plans Cheap?

5 Common Life Insurance FAQs and Answers

What is the Difference Between Limited and Regular Pay Insurance Plan?

5 Benefits of Gifting Life Insurance Cover to Your Spouse

How to Find the Best Term Insurance Plan in Seven Steps

Important Features of a Term Insurance Plan

Think About Life Insurance Sooner than Later

वरिष्ठ नागरिकों के लिए ऑनलाइन टर्म इंश्योरेंस प्लान खरीदने के लिए गाइड

How to Choose a Life Insurance Policy

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

What is Insurance Coverage? Overview, Types, and Examples

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

Life Insurance Nominees: 5 Must-Know Facts for Beneficiaries

Important Terminologies of Life Insurance

Difference Between Money Back and Endowment Policy

Life Insurance for Overweight Applicants

What Is the Procedure to choose a nomination in life insurance policy?

Voluntary Life Insurance Policy Vs Group Life Insurance

What is Group Insurance?

Term Plan with Return of Premium (TROP)

Benefits of Term Insurance with Critical Illness Rider

Choose the Nominee of a Term Life Insurance Plan Wisely

What happens to joint life insurance after divorce?

Types of Life Insurance Policies in India

Types of Insurance You Must Invest in for Secure Future

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

Key Things to Review in Your Life Insurance Policy Document

All about IRDAI

A Term Insurance Guide for Disabled People

Biggest Life Insurance Myths

Important Life Insurance Terms You Must Know

How Many Insurances Should I Have?

Why Should You Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Choosing Between Short-Term & Long-Term Insurance Plans

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

5 Easy Steps to Buying A Policy

Can You Transfer Life Insurance Policies to Another Company in India?

Life Insurance for Millennials

Why Life Insurance Is Always a Smart Decision

What is Life Insurance?

Term Insurance Tips for NRIs in India

क्या जीवन बीमा एक निवेश है?

Benefits of Buying Term Insurance Plan for Senior Citizens in India

How to Choose the Right Life Insurance Policy for Your Age?

What Is Staggered Payment Option Under Term Insurance Policy?

Why Buying a Term Insurance is Important for all Parents

What Is Social Impact Investing and How Does It Benefit Society?

How Much Life Insurance Cover Do I Need?

Adding A Child to Your Life Insurance Policy?

8 Things to Consider Before You Buy Life Insurance

Life Insurance Vs. Mutual Funds Investment

Is Life Insurance For Millennials Really Needed?

Role of IRDAI in the Insurance Sector

What are the Benefits of Endowment Policy?

FAQs on Life Insurance

5 Advantages of Life Insurance Going Digital

Can NRI Buy Life Insurance in India?

Digital Life Certificate for Pensioners Seeking Pension

Why Do Life Insurance Agents Avoid Selling Term Plans?

What is a Single Premium Term Plan and its Tax Benefit?

क्रिटिकल इलनेस राइडर के साथ टर्म इंश्योरेंस के लाभ

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

Top 5 Common Life Insurance Myths and Facts

What is Underinsurance & The Dangers of Being Underinsured

How to Calculate Human Life Value(HLV)?

What Is Investment Insurance?

Why do I Need Life Insurance?

How Do Term Insurance Plans Differ for Smokers?

Term Insurance Claim Process

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

Do Life Insurance Premiums Increase Every Year?

How to Revive the Lapsed Life Insurance Policy?

How to Choose Life Insurance for All Ages?

Reasons Why Term Insurance Claims Get Rejected

What Should One Expect During the Medical Evaluation for Life Insurance?

जीवन बीमा क्या है?

What Is a Whole Life Insurance Plan?

First Job? Here’s Some Tips on How to Manage Finances

How To Choose The Right Life Insurance

Term Insurance Vs Life insurance: Small Details, Big Differences

Kotak Life Claim Settlement Ratio

Life Insurance with Money Back vs Without Money Back

All About Backdating in Life Insurance

Life Insurance Plans for Women

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

How Does Life Insurance Work?

Guide for Buying Online Term Insurance Plans for Senior Citizens

Different Types of Insurance Policies in India

Is it Worth Buying Disability Rider on Term Insurance?

Why One Must Buy Term Insurance before 25 Years

बीमा क्षेत्र में IRDAI की भूमिका

Should You Buy Life Insurance After Getting Married?

What is Sum Assured in Endowment Policy?

Why Term Insurance for Women is Important?

What are robo-advisors in insurance?

Can a Term Plan be the Substitute for a Retirement Plan?

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

How to Buy a Life Insurance Plan?

Sabse Pehle Life Insurance

Does Family History Affects your Term Life Insurance Rates?

Life Insurance for Overweight Applicants

Life Insurance and Millennials

भारत में जीवन बीमा पॉलिसियों के प्रकार

Different Types Of Life Insurance In India

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Why do most Indians choose the wrong way to buy life insurance?

How Much Life Insurance Costs and How Much Insurance Cover You Need?

Best Insurance Plans in India

Why is Medical Test Important While Buying a Term Insurance?

Life Insurance Policy Closure

Why Your Family Should Know About Your Life Insurance Policy?

Compare Different Life Insurance Products Offered By Kotak Life

What is the Current Trend in Term Insurance?

How do life insurance payouts work?

What is Human Life value and a Human Life Value Calculator?

Nominee in insurance - A Complete Guide on nomination in insurance

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

Who Is A Nominee In A Life Insurance Plan?

Is It Advisable To Have Multiple Life Insurance Policies?

Insurance Vs Investment - A Guide to Your Financial Goals

Role of Life Insurance in Your Financial Portfolio

Does Life Insurance Cover Terminal Illness?

Health Insurance VS Life Insurance

5 Reasons Why a Women Should Buy a Life Insurance

Customer Awareness on Information Security

“Life” Insurance or “Death” Insurance?

All about Life Insurance Calculators

9 Most Important Things You Must Learn About Paying Life Insurance Premium

How to Use Different Types of Life Insurance for Retirement Planning?

जीवन बीमा पर ऋण

Why Renewal of Term Insurance Plan is Important

Take 100% Responsibility of Your Family with Term Life Insurance

7 Superficial Reasons People Avoid Buying Insurance Online

All About Life Insurance and How It Works?

5 Things to Keep in Mind While Buying Life Insurance Policy

Details Required To Be Filled In A Life Insurance Form

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

Types of Life Insurance Or One Investment, Many Options

In India, should NRIs purchase life insurance?

Most Common Life Insurance Riders to Enhance Your Existing Policy

Do Your Financial Planning with Life Insurance!

Difference Between Insurance and Assurance?

What is the Difference Between Insurance and Reinsurance?

6 Things You May Not Know about Life Insurance

How to Customize Your Life Insurance Policy with Riders

Staying Insured While Investing

Does Life Insurance Policy Cover Covid Death?

5 Reasons Why You Need Life Insurance in College

Insurance Changes You Need to Make Post Marriage

Health Insurance VS Life Insurance

Life Insurance and Retirement Planning

Term Life Insurance vs Accidental Death Insurance

What Happens If I Stop Paying My Life Insurance Premium?