2. Rights regarding documented proposal for insurance: The insurance company is responsible for providing a free copy of the proposal form within 30 days of acceptance of a proposal. But in case there is no proposal form, then the insurance company needs to record the information obtained from the policy holder orally or in writing, and confirm it within 15 days. The policy holders have all rights to take a final decision on acceptance or refusal of the proposal within these 15 days.

3. Rights regarding termination on a policy: This is one important thing to look for. Most of the policy buyers remain unaware about this right and often face difficulties. If suppose the policy holder is not pleased with the insurance scheme after buying it, then he/she has all the rights to cancel it within 15 days of initiation. Also the policy holders are also liable to get the whole amount back. No need to worry at all as in such a situation, insurance companies are liable to deduct only the surrender charges. You may come through many agents who will make false commitments just to tempt you to purchase a policy. So it is advisable for a buyer to do his own research online and also ask friends and associates about the scheme before plunging in to it.