My brother-in-law had bought a term plan insurance on the 1 July 2017. After that, you would get your insurance claim amount after both the above points are ruled out satisfactorily. If the premium payment term is over, then you only need to compare the current surrender value with the increased surrender value after 2 years. However, if you have to continue paying additional premium for 2 years, then you should base the assessment on net increase in surrender value, that is, increased surrender value less additional premiums to be paid. —Lalit KaleNominees in a life insurance policy can be changed anytime while the policy is in force.

Source: Mint August 06, 2017 22:41 UTC