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

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5 Things You can do if Youre Unsatisfied with
Your Life Insurance Policy
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• 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
  theyve already purchased?

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• Heres what you need to know and what you need to
  do, if youre ever faced with such a scenario.

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Make Proper Use of the Free-Look Period
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• The Insurance Regulatory and Development
  Authority of India (IRDA) has set aside a period
  of 15 days in which youre 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.

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Exiting Your Term Plans
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• Term plans are hugely popular because of their
  low premiums and high payouts.
• Its 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.

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Buy More Life Insurance Products
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• 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
  its needs are covered in case of any misfortune.
  

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Exiting Your Unit Linked Insurance Policy
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• 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 youre 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.

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Converting Your ULIP into a Paid up Policy
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• 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 youve paid.
• For example if you have a life insurance policy
  of 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 youre unhappy with it.

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Thank You!!