Maintaining the policy

•  Inform the beneficiary of the policy about the benefits and claim procedure. 
•  Pay your premium regularly on the due dates or at least in the grace period (30 days after due date for annual premium and 15 days for other premium payment period)
•  Do not wait for a premium notice. It is your duty to pay the premium when due , whether notice is received or not to avoid lapsation or other penalties
•  Do not wait for your intermediary or anyone to pick your cheque. Make your own arrangements for paying the premium on time 
• If there is a change of address, please intimate the insurance company immediately.

Nomination: 

After the policy is issued, you can change the nomination by: 

• Filing a notice of change of nomination and 

• Sending it to the insurance company for registering 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

Free Look Cancellation

• You can seek cancellation a life insurance policy within 15 days (30 days if sold by distance mode) from the date of receipt of the policy document if you disagree with any of the terms or conditions in the policy. 
•  For this, you should 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