Is it possible to change the frequency of premium payments from monthly to annual?
—Kaushal Verma
Yes. You can change the frequency of premium payment. You would need to place a written request with your insurer for it. Typically, such changes are incorporated on the policy anniversary date. Your premium may come down a bit when you opt for annual payment.
Could you tell me how can I dematerialise (demat) my insurance policy? What are its advantages?
—Reshmi Nair
The first step to demat your existing insurance policies is to open an e-Insurance Account (eIA). An eIA is opened with a designated insurance repository. A customer can have a single eIA, which will store all demat life insurance policies across all insurers. Then apply for demat of existing insurance policies with the concerned insurer. For all new policies, you can request for a demat version at the proposal stage itself. The major advantages of demat life insurance policies are safety and convenience. It cuts the risk of physical damage as in the case of paper policies. All the customer’s policies across insurers can be accessed from one place. In case of a change in know-your-customer (KYC) details, the customer needs to make the change only in eIA. Buying a new insurance policy becomes easier as the customer does not have to go through the KYC process again if the eIA account exists.
