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4 thoughts on “Were you cheated when you were buying life insurance?

  1. There is also a very good option available to the policyholder called as ‘freelook period’ which is 15 days (generally) from date of receiptvof the policy document. If the policyholder is not happy after reading terms and conditions of the policy, he can cancel the policy stating reason for cancellation. Most of the the premium is refunded if the policy is cancelled during freelook period.
    Thanks to regulator for bringing this clause.

    1. Good point. Yes, policyholder should exercise this option if there is a mismatch between what was offered vs policy terms and conditions.

  2. Like in Banking….your loan or credit card o/s balance can be transferred to another Bank. Same fashion…if I dislike an insurance Company for some reasons…there should be an option to shift to another Insurer. In such case the previous insurance company should transfer all the premiums paid to the new insurer….this type of flexibility will Keep insurers away from cheating!

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