1) You can cancel the policy within the 15 days of receiving the policy document
2) Insurer must provide detailed information about the policy if asked by the customer
3) How to file a complaint
- Approach the grievance cell of insurer with the complaint
- The company has to acknowledge within 3 days and resolve it within 15 days
- If not satisfied ile complaint with IRDA. You can file it online on the IGMS
- You can also approach ombudsman or consumer forum
- If still not satisfied, you can take the matter to a civil court
4) You can change the frequency of the premium at the beginning of a policy year.
All regular premium policies allow to change frequency from annual to semi-annual or quarterly and vce-versa. A change in monthly mode is difficult
5) You can premium within the 30 day grace period (15 days in case of monthly premium)
6) A lapsed policy can be reinstated by paying the missed premiums and penalty
7) Insurers cannot refuse to renew medical insurance within grace period
(Source : ET wealth May 14-20 2012)
