Have You Bought Insurance Policy That Is Not Right For You? Read On To Know How To Cancel It

Many times it happens that people buy the policy which is not right for them. If this ever happens to you, do not panic, as you have the option to cancel it.

Representative Image

The decision to buy a life insurance policy should be taken very carefully. Keeping in mind your needs, you should choose the right policy. But many a time it so happens that people buy the policy which is not right for them. However, if this happens to you, then do not panic, you still have the option to cancel. What makes people buy a wrong policy?

Reasons Why People  Tend To Choose Wrong Policy

• Sometimes they blindly trust the insurance agent and select a policy without ascertaining the facts and benefits.
• They do not cross-check the claims made by the insurance agent about the policy. 
• It may also happen that your relative or friend, who is an insurance agent, sells you a policy and you buy it without enquiring about the details, out of respect for the person.

Verify All Information

• Before taking a policy, get the necessary information from the agent.
• Choose the policy that meets your expectations and fulfills the needs of your family.
• Compare multiple policies and select the best option.
• A comparison should be made between the premium, claim settlement ratio, total cover amount, and features offered by different policies.
• Many online websites offer such a comparison and useful suggestions and tips for choosing the right policy.

Bought Wrong Policy? Do Not Worry

• Insurance companies provide a 15-day 'free look period to the customers after selling the policy.
• The 'free look period' is 15 days from the date of receipt of the policy document.

'Free Look Period'

• Check all the highlights of the policy.
• Get information about the sum assured, policy term, and premium amount.
• After obtaining all the necessary information, if the policy meets your expectations, continue with the policy, otherwise, the policy may be terminated during the 'free look period.'

Cancellation Policy

• On canceling the policy, the insurance company deducts some of the expenses related to the policy and refunds the remaining premium amount to the customer.