Hello sir, I am Samar. I want you to help me by giving me some information about the rules stated by Insurance regulatory and Development Authority (IRDAI) for the cancellation of insurance policy. Can you help me?

As you have asked about the rules stated by Insurance regulatory and Development Authority (IRDAI) for the cancellation of insurance policy, I am giving you information about it, check below for the details

You can cancel a life insurance policy inside 15 days from the date of receipt of the policy document, if you disagree to any of the terms or conditions in the policy

You can
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
The insurer can repurchase the units at the price on the cancellation date

If you lose your policy:

If you lose your policy bond, report it to the insurance company immediately
Get a duplicate policy by complying with the formalities
The duplicate policy confers the same rights as the original policy bond

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