Readers' Corner: Life Insurance

Medical examination during the purchase of a life insurance policy depends on various factors like the proposer's age, risk cover of the policy, sum assured, and the policy type

I have an 11-year-old money back policy. Is it possible to change the due date of the premiums?

No, you will not be able to change the due date or the premium paying date for the policy. A life insurance policy is a contract where the date of the premium is sacrosanct, and the policy is renewed every year on the same date. You can, however, change the premium paying frequency.

My friend’s father passed away two years back. My friend has just discovered that his father had a life insurance policy for which he is a nominee. What is the process