Aditya Birla Sun Life Insurance Company Limited

Know Your Rights And Duties As A Policy Holder

Icon-Calender 3 September 2021
Icon-Clock5 mins
Rated by reader
https://lifeinsurance.adityabirlacapital.comExit Intent PopupCLOSE-BUTTON

Get Guaranteed Returns After a Month^

Unlock the Power of Smart Investment!

*Min 3 characters allowed
+91
*Please enter a valid 10 digit Mobile No
https://lifeinsurance.adityabirlacapital.comExit Intent PopupCLOSE-BUTTON
ICON-TICK
https://lifeinsurance.adityabirlacapital.comExit Intent PopupCLOSE-BUTTON
ICON-TICK
Common_B_Desktopcommon_B_mobile
  • Icon-Index
    Table of Contents

    As an informed consumer, you should always be aware of your rights and duties concerning your policy coverage and claims.

    Duties:

    When you buy a policy:

    • Once the proposal is submitted, you should hear from the insurance company in 15 days

    • If not, take up the matter in writing

    • If any additional documents are asked for, comply immediately

    • Once the proposal is accepted by the insurance company, the policy bond should reach you within a reasonable amount of time

    • If not contact the insurance company about it

    • When policy bond is received, check it and be sure that the policy is the one that you wanted.

    • Go through all the policy conditions and be sure that these are the same that were explained to you by the intermediary/ insurance company official at the time of sale

    • In case of doubts, contact the intermediary/ insurance company official immediately for clarification.

    • If necessary contact the insurance company directly

    After You Buy The Policy:

    • Fill the proposal form yourself correctly and truthfully, it is the basis of the insurance contract

    • Do not leave any column blank, do not sign a blank proposal form

    • You will be responsible for any information in this document as it bears your signature. Disclose "all material information" about the risk you want to cover

    • Select the term of the policy as per your needs

    • Select the amount of premium you can afford to pay

    • Choose between Single Premium or Regular Premium

    • Choose your premium paying frequency such as annual, half-yearly, quarterly or monthly

    • Opt for electronic payment of your premium (ECS) for your convenience, safety and records

    • Ensure to register nomination under your policy. Fill the nominee's name correctly

    Maintaining The Policy:

    • Pay your premium regularly on the due dates/ within the grace period

    • Do not wait for a premium notice. It is only a courtesy. It is your duty to pay the premium to avoid policy lapse or other penalties

    • Do not wait for your intermediary or anyone to pick your cheque up. Make your own arrangement 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:

    • Filling a notice of change of nomination and

    • Sending them to the insurance company for them to register 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.

    If Your Policy Lapses:

    If you fail to pay the premium in time, your policy may lapse. Contact the insurance company for reviving it.

    If You Lose Your Policy:

    • If you lose your policy bond, report it to the insurance company immediately

    • Get a duplicate policy by complying with the formalities

    • The duplicate policy confers the same rights as the original policy bond

    At The Time Of A Claim:

    • Comply with all the requirements of the insurance company

    • Whenever required, you should help the insurer in a prosecution or for recovery of claims which the insurer has against third parties

    Rights:

    You have the right to…

    Cancel a life insurance policy within 15 days from the date of receipt of the policy document. And 30 days if the policy is purchased through Distance Marketing Channel. If you disagree to any of the terms or conditions in the policy, you can:

    • 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

    ULIPs

    • You have the right to partial withdrawal

    • You have the right to switch funds

    • You can surrender the policy after the lock-in period from the date of commencement of the policy

    • The nominee/assignee under a life insurance policy has the right to the death claim amount

    • Mode of payment of premium

    • Term of the policy

    • Increase in sum assured

    • Premium redirection

    How Much Helpful You Found This Article?

    Rating_Star
    Rated by 0 reader
    / 5 ( 0 reviews )
    Not helpful
    Somewhat helpfull
    Helpful
    Good
    Best
    RatingTick

    Thank you for your feeback

    Don’t forgot to share helpful information in your circle

    About Author

    Thank you for your details. We will reach out to you shortly.

    Thanks for reaching out. Currently we are facing some issue.

    Buy ₹1 Crore Term Insurance at Just ₹508/month*

    *Min 3 characters
    +91Icon Phone
    *Please enter a valid 10 digit Mobile No.
    *This field is required.
    Plan Logo

    ABSLI Salaried Term Plan

    Exclusively For Salaried Individuals

    Icon-Illustration Insurance

    4 Plan Options

    Icon-Whole life cover

    Life Cover upto 70 years

    ICON-CLICK

    Optional Accelerated Critical Illness benefit

    ICON-CLICK

    Inbuilt Terminal Illness Benefit

    Life Cover
    ₹1 crore

    Premium:
    ₹508/month*

    *LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6100/- ( which is ₹ 508.33/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
    ABSLI Salaried Term Plan (UIN:109N141V02) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.

    Subscribe to our Newsletter

    Get the latest product updates, company news, and special offers delivered right to your inbox

    Thank you for Subscribing

    Stay connected for tips on insurance and investments

    *Please enter a valid Email ID