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5 things you can do if you’re unsatisfied with your life insurance policy

A life insurance policy is a lifelong commitment. Which means that a lot can go wrong in the span of that time. A beneficiary may begin to feel that the amount he or she is insured for is insufficient or that the policy he/she has purchased is not right for their family needs.

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5 things you can do if you’re unsatisfied with your life insurance policy

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  1. 5 Things You can do if You’re Unsatisfied with Your Life Insurance Policy

  2. A life insurance policy is a lifelong commitment. • Which means that a lot can go wrong in the span of that time. • A beneficiary may begin to feel that the amount he or she is insured for is insufficient or that the policy he/she has purchased is not right for their family needs. • Sometimes he/she may also be pestered into buying a policy by an over eager policy broker. • The gist of it is, what happens when the insurer is unhappy or dissatisfied with a policy that they’ve already purchased?

  3. Here’s what you need to know and what you need to do, if you’re ever faced with such a scenario.

  4. Make Proper Use of the Free-Look Period

  5. The Insurance Regulatory and Development Authority of India (IRDA) has set aside a period of 15 days in which you’re free to look for other options and switch policies, you will also be reimbursed with your premium. • All you need to do is to write to your life insurance company to let them know that you wish to return their policy.

  6. Exiting Your Term Plans

  7. Term plans are hugely popular because of their low premiums and high payouts. • It’s fairly simple to exit a term plan, you can just stop paying the premiums. • Since there is no surrender policy you do not get back your previous premiums paid. • As in most cases it is best to exit your term life insurance plan during the free-look period.

  8. Buy More Life Insurance Products

  9. If you are of the mind that the life insurance policy you have purchased is inadequate for your needs then you can simply purchase some more life insurance products to ensure that your family and it’s needs are covered in case of any misfortune.

  10. Exiting Your Unit Linked Insurance Policy

  11. The IRDA has fashioned a policy surrender scheme wherein if you surrender your life insurance after three years from the date of the beginning of the policy you’re set to be refunded your invested money. • However, if the policy is surrendered before the first year is up the beneficiary does not receive any returns.

  12. Converting Your ULIP into a Paid up Policy

  13. Insurers sometimes also allow you to convert your policy into a paid-up policy. • In this scheme you receive benefit for exactly the same amount of premiums you’ve paid. • For example if you have a life insurance policyof 20 lacs for 20 years and you have paid only for 5 years you will receive benefit only for 5 lacs. • This is perhaps the best way to handle a policy if you’re unhappy with it.

  14. Thank You!!

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