How many days can you surrender after taking the policy, know 4 important rules | How many days can you surrender after taking the policy, know four important rules

How many days can you surrender after taking the policy, know 4 important rules | How many days can you surrender after taking the policy, know four important rules

As per the instructions of the Insurance Regulator, the policyholders can cancel the insurance policy within 15 days from the date of submission of documents. (How many days can you surrender after taking the policy, know four important rules)

How many days can you surrender after taking the policy, know 4 important rules

How many days can you surrender after taking the policy?

New Delhi: An insurance policy is very beneficial for securing the future. Different companies offer different types of policies according to the needs of the customers. The policyholder also gets some rights if he takes any policy. Under this, the facility is also available if the policyholder wants to surrender or other options. (How many days can you surrender after taking the policy, know four important rules)

The policy can be canceled within 15 days

As per the instructions of the Insurance Regulator, the policyholders can cancel the insurance policy within 15 days from the date of submission of documents. If you do not understand any of the terms and conditions of the policy, you have the right to cancel it.

Premium can be obtained on policy return

If you have purchased a health insurance policy, you will be given a ‘free look period’ so that you can fully understand the policy. Even so, you can cancel it if it doesn’t look good. You can return the policy with good reason. After this you will get back the premium amount paid. If the insurance company has paid for the medical examination and stamp duty, the amount will be deducted.

Right to Information

According to IRDA guidelines, the insurance company or agent is required to provide complete information about the policy purchased by the customer. You need to know all the information like insurance policy benefits, premium, mode of premium, duration, fees and taxes.

Right to switch to another fund

If you have purchased a Unit Linked Insurance Policy (ULIP), you have the right to partial withdrawal. You can also switch to another fund. In addition, you can easily make changes to the policy if you want to change the mode of premium payment, change the term of the policy, extend the Sum Assured, etc. (How many days can you surrender after taking the policy, know four important rules)

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