1. What is the difference between switch and redirection?
A switch will enable you to shift the existing units of your unit-linked policy into a new fund and will not change your future premium allocation.
A premium redirection will enable you to change your allocation for all the future premiums of your policy. However, your existing units will not be shifted into a new fund.
2. In case I lose my policy document how do I obtain a duplicate policy?
You will need to pay the charges towards the issue of a duplicate policy. We will send a ‘Duplicate Policy Request’ form that you will need to fill and send us.
3. How do I notify a change in address? OR How can I change my policy details?
Download the ‘Change Request’ form from the Download Centre section of our website, fill and send it to us.
4. Can I change the frequency of payment for my policy?
Yes, you can change the premium frequency from low (annual) to a higher frequency (bi-annual or monthly) or vice-versa (In case the product allows the particular frequency).
5. When does a policy lapse?
A policy lapses when the policy holder fails to pay the premium even within the grace period. In this case, the policy loses all its benefits.
6. What is ‘transfer’ or ‘assignment’ of a life insurance policy?
Transfer or assignment is a method of transferring one’s transferable interest in a life insurance policy to another person or institution, for example, as a security for repayment of loans.
7. Can I assign a policy?
Yes, you can assign a policy. To assign the policy, you have to notify us regarding the assignment.
8. Is assignment allowed on all the insurance plans?
Assignment is applicable on all insurance plans.