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June 16th, 2016, 08:57 AM
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IRDA Rule Cancellation Policy
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 Last edited by Neelurk; June 15th, 2020 at 11:08 AM. |
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