Most Asked

Mode Change is an option given to the policy holder for changing the payment mode at any given point of time 30 days prior to next due as per the grid provided below

Current Renewal Payment Mode.
Change to New Payment Mode Monthly Quarterly Half-yearly Yearly
Monthly - Month Anniversary, post completion of one quarter Month Anniversary, post completion of six months On completion of Policy Anniversary
Quarterly Month Anniversary, post completion of one quarter - Month Anniversary, post completion of half year On completion of Policy Anniversary
Half-yearly Month Anniversary, post completion of half year Month Anniversary, post completion of half year - On completion of Policy Anniversary
Yearly On completion of Policy Anniversary On completion of Policy Anniversary On completion of Policy Anniversary -

a. The request can be accepted 30 days before the due date for Inforce policies.

b. Date and time stamp is mandatory on the request form.

a. The request can be accepted only for inforce policies
b. Date and time stamp is mandatory on the request form.
c. All top up requests need to be underwritten with respect to AML and Risk Cover as per prevailing regulations
d. Top-up premium can be paid any time during the policy term at irregular intervals besides the basic regular premium specified within the contract and is treated as single premium e. Top-up premium can only be made only during the policy term provided all regular premiums have been duly paid.
f. At any point of time during the term of the contract, as long as top-up premium is less than 25% of all regular premiums paid till that date, the sum assured will not increase.
g. The balance amount of the top-up premium, over and above the 25% of all regular premiums paid till top up date, needs to have a subsequent insurance cover of minimum 1.25 times which would remain constant during the entire tenure of the policy

a. Request letter from the customer OR
b. Insurance change form

a. Policy status should be inforce, Policy Discontinuance or Cover continuance and maturity amount will be paid on the survival of the insured person as on the date of maturity
b. If the policy is assigned then request for maturity should be received from policyholder with the consent of the Assignee (incase of Bank/ FI),
c. If it is a MWP policy then the request should be from Trustee.
d. In case of HUF policy the request should be from Karta.
e. In case death of Proposer, Life Assured needs to apply for change in proposer along with below mentioned documents.

  1. Request letter – for change in ownership
  2. Original Policy Document
  3. Death Certificate – of earlier proposer
  4. KYC documents of Life Assured.

Cover Continuance is applicable for specific plans only as per the policy terms and conditions mentioned in the policy document.

Address proof is mandatory only for permanent address. Valid address proof documents that can be considered are

a. Passport copy

b. Voter Id

c. Driving License Copy

d. Job Card issued by NREGA

e. Letter issued by National Population Register

f. Any other document as notified by the Central Government.

In case the officially valid document furnished by the customer does not contain updated address, the following documents shall be deemed to be officially valid documents for proof of address.

a. utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);

b. Property or Municipal tax receipt

c. Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address.

d. Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and license agreements with such employers allotting official accommodation;

a. Application for Insurance Change form or request letter duly signed by the policyholder with a self-attested new identity proof.

b. If the policyholder has signed in vernacular language, then vernacular declaration is mandatory.

c. In case there is a thumb impression on the General Change form, then signature of the witness/Insurance agent is mandatory.

d. The following supporting documents will be required to effect the name change

  1. For female life -copy of marriage certificate attested by the policyholder
  2. In case of total name change gazette notification on name change.

The request can be accepted for in force / lapse/paid up/discontinued policies.

There are three Types of assignment:

a. Absolute assignment is the transfer of the entire right, title and interest in the policy to the assignee.

b. Conditional assignment is the transfer of the right, title and interest subject to the fulfillment of a condition/event.

c. Partial Assignment is the transfer of benefits to the extent of Creditor’s interest.

Other Questions

Customer is given an option of cover continuance for unit-linked policies – similar to a premium holiday. The customer can request for continuing the cover without paying any further premiums post the mandatory lock-in period payments as per product features. For all such cases the cover will continue and the policy will be Inforce with deduction of the charges and adjusting the units as applicable.

a. Application for general change form or request letter duly signed by the policyholder along with a self-attested address proof.

b. If the policyholder has signed in vernacular language, then vernacular declaration is mandatory.

c. In case there is a thumb impression on the general change form, then signature of the witness/Insurance agent is mandatory.

d. In absence of written request (e.g. request from customer care, request from e-mail etc) the contact details will be marked as non preferred .

Yes. The request can be accepted for inforce / lapse/paid up/discontinued policy status

Nomination is a process which enables a policyholder to nominate a person/s to receive the policy proceeds in the event of the death of the life assured.

Assignment means the transfer of the beneficial interest, right and title under the policy either absolutely, partially or conditionally by the assignor to the assignee.

Policyholder can request for issuance of duplicate policy document, in case it is lost, stolen or destroyed / mutilated.

a. Original policy document

b. Death certificate in case of change in owner ( demise of proposer)

c. Nomination form appointing Nominee

d. Identity proof of new owner(if other than LA)

e. Address proof of new Owner (if other than LA)

f. Indemnity Bond on Rs.200/- (in case new owner is other than LA)

g. Income proof (for Annual Premium Rs. >1lac)

a. Request letter duly signed by the policyholder containing three previous signatures and three new signatures

b. Self attested ID proof containing the new signature.

a. The request can be accepted only for in-force policies

b. Date and time stamp is mandatory on the request form

c. All requests need to be underwritten with respect to AML and Risk Cover as per prevailing regulations

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