Do you know that you have to right to cancel Life Insurance Policy that you have bought from the insurance company if you do not agree with the term and conditions?
According to Section 148 Objection of Life Policy (Insurance Act 1996)
148. (1) A policy owner, within fifteen days after the delivery of a life policy of any description to him or to a person who resides at his residence, may return the life policy to the licensed life insurer and it shall immediately refund any premium which has been paid in respect of the policy and the life policy shall be cancelled subject only to the deduction of expenses incurred for the medical examination of the life insured.
What you need to do is to write a simple letter requesting for cancelation of policy to the life insurance company together with the Policy Contract within 15 days after the you get the policy contract.
Please check with your servicing agent on the procedure for cancelation and the refund process. You also can directly contact the Insurance company contact center for any clarification.
Do the right decision before buying the insurance policy!
No comments:
Post a Comment