A life insurance policy is a cover that aims to provide a financial cushion to the dependents in the event of the policyholder's untimely demise during the policy term. What you essentially get upon buying a policy is a policy document. It consists of your personal details, information about the plan you opted for, etc. For several reasons, you might want to make changes to this document after you have bought it. Is this possible? Yes, it definitely is possible, and this article will help you regarding how to change policy details post-purchasing.
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Policy Endorsement functions similarly to renewing your insurance policy to suit your evolving needs. A change in the details of your plan, a new rider, or even a nomination in term insurance can be carried out through this. This ensures that your policy never becomes irrelevant to your current needs. However, it is essential to remember that changes, like adding a new ride, will affect your premium. Ensuring your policy is always in sync with your needs and budget is critical, too.
Making an Endorsement step-by-step:
Mention the policy changes you want to make.
Provide any required documents and send the form to the insurance company.
The insurer will review the form, and once approved, the changes will be reflected in your updated policy document.
Some of the common reasons for changing the details of a life insurance policy are as follows.
This is one of the most common changes that occur during one’s life. If the policyholder's marital status changes during the policy term, it should be updated in the life insurance policy.
A promotion or increase in additional income may motivate a policyholder to increase the cover. On the other hand, in case of job loss or loss of other forms of income, you should reevaluate to decrease the burden.
Lifestyle changes can be directly linked to one’s financial situation. An example of how to understand this is that a policyholder will be financially less burdened by closing mortgages or any outstanding debts. After this, their financial goals and expectations from a life insurance plan might change, motivating the policyholder to make a few changes to meet their needs.
The purchased cover should be able to match the policyholders’ health status well. Some insurance plans have provisions that decrease the premium with the policyholder's overall health improvement. Any significant changes to one’s physical health should be communicated to the insurer.
One’s financial responsibilities may change with time. Examples can be getting married, expecting a child, and having a child attend college or university. This can also be the opposite way, where a policyholder is finally done achieving his financial goals. In both cases, the life insurance cover should be updated accordingly.
A plan like the ACKO Life Flexi Term plan is just what you need. It's flexible, allowing you to customise coverage and tenure based on your needs and responsibilities.
Here’s a list of common policy document changes or the plan post-purchase.
Check basic details like name, address, and contact information for spelling mistakes. Even small errors can cause issues with the payout to beneficiaries.
The free-look period normally lasts for 30 days after purchasing the insurance. You may cancel it during this period if the policy does not suit your needs. It's usually the case that your premium will be returned. However, this is possible with some deductions depending on the insurer's terms.
You can increase the coverage amount under your Life Insurance by adding riders to cover extra benefits or paying additional premiums to top up your plan.
You can also adjust how often you pay your premiums, whether monthly, quarterly, half-yearly, or yearly. Just get in touch with your insurer, who will then guide you on the change you want to implement.
Beneficiaries in a life insurance plan can be changed multiple times. Most people prefer to keep their parents or their spouse as beneficiaries. The conditions for naming a minor as a beneficiary should be clearly understood.
Disability income, accidental death, critical illness Riders, etc., can be added or excluded depending on your needs and preferences. They can be included when purchasing the policy or renewing and excluded after filling out a request form with your insurer.
It is possible to request a change to a different policy term or the time you wish to be covered by the insurer. They may use an online submission or a traditional paper form when requesting an application.
Some points to remember regarding changing the life insurance policy are as follows.
The endorsement or changes are valid until the policy's maturity date or until a specified tenure, as mentioned in the policy document.
An endorsement may affect the amount of premium paid towards a policy.
A copy of the new policy documents must be carefully studied and kept for future reference.
Riders are a great way to add protection benefits. They can be included in the basic insurance plan to make it more comprehensive.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet and is subject to changes.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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