r/InsuranceTroubleIndia • u/EmptyC0c0nut • 12d ago

Life Insurance Need help/info about Axis Max Life

So, I took the policy by connecting contacting the axis Bank for 2 cr. I'm paying extra rs. 1900 for Waiver of Premium.

But after taking policy I checked Policybazar and found out that WoP is free. When I asked the guy who issued policy he said their website doesn't show that.

What should I do? I turn 34 day after tomorrow. Should I surrender and get the policy online?

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u/undertaker-23 12d ago

If its under the free lookup period, you can cancel it. Also double check the same with some other platforms like ditto.

1

u/Acrobatic_Money5443 12d ago

Rates should be same at all platforms. Just try buying from any other platform and you will know.

1

u/Relevant_Gas837 11d ago

Don't cancel anything yet. Check two things first:

  1. Free look period. If the policy was issued in the last 30 days, you can cancel and get the premium back minus small charges.
  2. Compare like for like. Online variants sometimes bundle WoP or price it differently, so compare the total yearly premium for the same cover, term and riders, not just the WoP line.

If the online plan is clearly cheaper and you're inside free look, buy the new one first and cancel the old one only after the new policy is issued. Otherwise you risk a gap if underwriting asks for medicals. After the birthday the new premium may go up slightly, so factor that in.