Discontinuing abruptly will put your life cover and other policy benefits at risk
Do you know what happens to your insurance policy when you stop paying premium? Does it continue to offer insurance cover? Abruptly stopping payment of premium because you are unhappy with the policy or facing a financial crunch— without considering the consequences—is unwise. Here’s a lowdown on the options available should you wish to discontinue a traditional life insurance policy, and how to go about it.
TRADITIONAL PLANS
A traditional life insurance policy is a protection-cum savings plan. It assures the policyholder a payout sum along with bonus on maturity of the policy. Unlike unit-linked plans, which have the option of investing in equities, traditional plans invest only in fixed income instruments and offer a return of around 4-6 per cent.
THE PREMIUM QUESTION
This story is from the December 04, 2017 edition of India Today.
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This story is from the December 04, 2017 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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