Insurance Policy: Failed to get an insurance policy? If you do not like the policy, what is the solution, what can be done – How to get out of insurance policy bad insurance cancellation application IRDAI

Insurance Policy: This option will be important if you are unhappy with the insurance policy.

New Delhi : Regarding insurance policy (insurance policy) If unhappy then its installments (insurance premium) What would you like to pay? What can be done if you feel that this policy is a burden on your pocket. Many times many people buy insurance policies because of the sweet talk or refusal of the insurance agent and when it comes to paying the premium, they lose their lives. Why does he think this mess was thrown behind him? So what are your options? What you can do Can the policy be discontinued Is the premium discontinuance option worth it What are the disadvantages? It is important to look at the pros and cons of all these things.

After purchasing an insurance policy, first understand the pros and cons of continuing or discontinuing the policy if you are unhappy with the decision. Sometimes the agent can tell more or less about the features of the policy. Either you know the benefits of the policy or know its complete details.

If it has been many years since the installments of the insurance policy have been paid and only three to four years are left for maturity, then do not close the policy. This policy not only provides life insurance cover, but also provides policy refund and tax benefits.

If the first few installments are paid, the policy premium can be discontinued. Hence you do not need to invest again in this policy. But if you invest in the policy for a year or two, you will incur losses. The insurance company keeps the amount for the first two years and does not refund it to you.

If the policy is discontinued after three years of purchase, it gets a surrender value. The policy gives modest returns in three years. Based on that you can surrender the policy after getting some amount. In this the amount is less than the investment amount. Damage happens.

The surrender value is around 30% of the total amount. This means that the company will take back 30% of the total investment made by you in this policy. The remaining amount will be returned to you and the policy will be discontinued.

If you cancel the insurance policy, the insurance coverage available to you and your family will stop. But if you do not want to pay premium and want insurance coverage then this policy is for you paid-up policy It has to be transferred.

In such a situation, the company will not refund the installment amount. But life support will continue. This amount will be spent for that. Before buying any policy, do not buy in haste, under pressure or at the behest of friends. Take some time, know the benefits of that policy and take a decision.

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