Sachin Karpe shares five rights that you have as an insurance policy holder. Policy holders can cancel the insurance policy within 15 days from the date of receipt of the policy documents if they do not agree with the terms and conditions stated in the policy. Unit-linked plan holders have the right to withdraw their investment partially. They can also switch funds in a Ulip from one plan to another without any restriction or additional costs. A policy can be surrendered after the end of the prescribed lock-in period from the date of commencement of the policy says Sachin Karpe.