How to read your life insurance policy document.
By Venkatesh TK, Founder, AdviceSahi. 20+ years in banking, wealth management and insurance distribution. Updated 16 October 2026.
Start with the policy schedule on the first pages. It lists who is insured, the sum assured, the premium, the policy term and the premium paying term. Then read the benefits, exclusions and surrender sections, and keep the policy number and nominee details somewhere safe.
What is in a life insurance policy document?
A policy document has three parts that matter most. The schedule is a summary page with your details and the numbers of your plan. The policy terms and conditions explain what the insurer promises and when. The benefit illustration, if you received one, shows how the plan is expected to work at different assumed rates.
Many people keep only the first page. The rest is where the rules about claims, lapses and surrender sit.
Which numbers should I check first?
- Sum assured: the amount payable on death, or the base cover of the plan.
- Premium and premium frequency: what you pay and how often, and any taxes shown separately.
- Policy term and premium paying term: how long the cover runs and how long you pay. They can be different.
- Date of commencement and the next premium due date.
- Nominee: the person who receives the benefit. Check the name and relationship are correct.
If any detail is wrong, write to the insurer early. Corrections are easier while the policy is new.
What do the benefits and exclusions mean?
The benefits section lists what you can receive: a death benefit, maturity benefit, survival benefits, bonuses or guaranteed additions, depending on the plan. The exclusions section lists situations where the insurer will not pay, such as a suicide clause in the first year of the policy. Read both before you need them.
What happens if I stop paying premiums?
The policy document explains the grace period, the lapse rules and any paid up or surrender options. For many savings policies, stopping early can reduce what you receive. Read the surrender section and the policy loan section, and ask the insurer for a written surrender value if you are thinking of exiting.
Can a tool read it for me?
Yes. AdviceSahi reads each policy you upload and shows the premium, cover, term and benefits in plain language, along with what the policy is worth today. It is free for policy holders. The report is informational and is not financial or insurance advice.
Common questions
Where is the sum assured written in my policy?
On the policy schedule, usually the first or second page, next to the premium, policy term and premium paying term.
What if I lost my policy document?
Ask the insurer for a duplicate copy. Most insurers can also email a digital copy if you share your policy number and identity details.
How often should I review my policy?
Review it once a year and after big life events such as marriage, a new child, a new loan or a job change.
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Surrender value in life insurance, explainedLife insurance terms explainedWhat is a life insurance policy check?This article is for general information only. It is not financial, tax or insurance advice. AdviceSahi is a technology platform and is not an IRDAI registered entity.