1. While your discontinued policy will remain valid till its annual term expires, you can't take any legal recourse for its continuity as it's an authorised withdrawal.
2. According to IRDA rules, an insurer can withdraw or discontinue any product after seeking its permission by explaining the reasons for doing so, but has to offer existing policyholders a suitable alternative, which your insurer would have also done.
3. It is beneficial to avail of such an offer because:-
a) you will continue to enjoy benefits that have accumulated under earlier policy,
b) the features may even be more beneficial, despite a premium revision, due to its upgrade.
4. You can also discontinue the policy and buy a new one, even from a different insurer, although you will lose out on benefits that you have accumulated in your existing plan over the years, like waiting period for pre-existing illnesses, cumulative bonus, etc.
5. You can also port (transfer) your existing policy to another insurer, but it is easier said than done due to incidences of pre-existing diseases, any recent claims, critical illnesses, accumulated bonus, fresh underwriting, etc.
2. According to IRDA rules, an insurer can withdraw or discontinue any product after seeking its permission by explaining the reasons for doing so, but has to offer existing policyholders a suitable alternative, which your insurer would have also done.
3. It is beneficial to avail of such an offer because:-
a) you will continue to enjoy benefits that have accumulated under earlier policy,
b) the features may even be more beneficial, despite a premium revision, due to its upgrade.
4. You can also discontinue the policy and buy a new one, even from a different insurer, although you will lose out on benefits that you have accumulated in your existing plan over the years, like waiting period for pre-existing illnesses, cumulative bonus, etc.
5. You can also port (transfer) your existing policy to another insurer, but it is easier said than done due to incidences of pre-existing diseases, any recent claims, critical illnesses, accumulated bonus, fresh underwriting, etc.