I have not paid premium for my unit-linked insurance plan for two years. The policy has lapsed. Will I get anything back from the insurance company?

All insurance products have a minimum period (pre-fixed) for which you need to pay the premium in order to avail benefits in the future. The regulator has fixed three years as the minimum lock-in period for unit-linked insurance products.

If you have paid the premium for the specified period, you can surrender the policy and the surrender value will be paid to you. Surrender value is the amount of money payable on cancellation (“surrender”) of a policy with an investment element before the benefit becomes payable (normally on death or maturity).

Typically, the surrender value depends on:

• Fund value

• Type of policy

• Number of years for which the premium has been paid

Can riders be deleted for any plan? What are the documents required for the deletion of a rider?

Yes, you have the option of deleting riders from your policy. You can choose to do so on any policy anniversary. The documents required are:

• A letter duly signed by the policyholder mentioning the policy number and the rider to be deleted

• The original policy document

However, it is not advisable to do so. Once deleted, the rider can’t be reattached.

Readers are welcome to write in with their queries to askmint@livemint.com. The questions will be answered by senior executives from leading insurance firms.

This week’s expert is T.R. Ramachandran, managing director and CEO, Aviva India.