Know Your Rights Duties

As a smart consumer, you should be aware of your duties and rights about your policy coverage and claims.


When you buy a policy:

  • Fill the proposal form yourself correctly and truthfully, it is the basis of the insurance contract
  • Do not leave any column blank, do not sign a blank proposal form
  • You will be responsible for any information in this document as it bears your signature. Disclose “all material information” about the risk you want to cover
  • Select the term of the policy as per your needs
  • Select the amount of premium you can afford to pay
  • Choose between Single Premium or Regular Premium
  • Choose your premium paying frequency such as annual, half-yearly, quarterly or monthly
  • Opt for electronic payment of your premium (ECS) for your convenience, safety and records
  • Ensure to register nomination under your policy. Fill the nominee’s name correctly

After you buy the policy:

  • Once the proposal is submitted, you should hear from the insurance company in 15 days
  • If not, take up the matter in writing
  • If any additional documents are asked for, comply immediately
  • Once the proposal is accepted by the insurance company, the policy bond should reach you within a reasonable amount of time
  • If not contact the insurance company about it
  • When policy bond is received, check it and be sure that the policy is the one that you wanted.
  • Go through all the policy conditions and be sure that these are the same that were explained to you by the intermediary/ insurance company official at the time of sale
  • In case of doubts, contact the intermediary/ insurance company official immediately for clarification.
  • If necessary contact the insurance company directly

Maintaining the policy:

  • Pay your premium regularly on the due dates/ within the grace period
  • Do not wait for a premium notice. It is only a courtesy. It is your duty to pay the premium to avoid lapsation or other penalties
  • Do not wait for your intermediary or anyone to pick your cheque up. Make your own arrangement for paying the premium on time
  • If there is a change of address, please intimate the insurance company immediately.


  • After the policy is issued, you can change the nomination by:
  • Filling a notice of change of nomination and
  • Sending them to the insurance company for them to register it 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

If your policy lapses:

  • If you fail to pay the premium in time, your policy may lapse. Contact the insurance company for reviving it.

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

At the time of a claim:

  • Comply with all the requirements of the insurance company
  • Whenever required, you should help the insurer in a prosecution or for recovery of claims which the insurer has against third parties


You have the right to

  • Cancel a life insurance policy within 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
    • If it is a unit linked insurance policy (ULIP) in addition, the insurer can repurchase the units at the price on the cancellation date


  • 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