Monitor Fund Value OnlineWant to monitor your policy’s fund value in an easy and convenient manner, but don’t know how? Read this FAQ to understand the processes by which you can monitor your funds online via our customer portal, and also get SMS updates for the same.

Can the policy value be monitored online?

Yes, the Customer can check the fund value and get an updated fund statement daily from the customer portal, as shown in the screenshots below.

Within the customer portal, you can access your policies from the My Policies tab. Click on Account Summary after selecting which policy you want to monitor from the list.

Click on Fund Value.

You can now monitor your policy fund as frequently as needed.


How can a customer avail of the SMS alerts facility to get updates on their fund value?

After logging in to the customer portal; the customer has an option to subscribe to or unsubscribe from the ‘Fund Update SMS’ facility in ‘Service Requests’ option. The customer can choose the frequency of the updates – daily, weekly or monthly. Screenshots that show how to do this are given below.

The customer can also call our toll-free customer service numbers to activate or deactivate the SMS alert facility.

Click on the Service Request tab and within it, click on the Fund Updates SMS option.

You can choose how frequently you want to receive SMS updates about your fund value, and also unsubscribe from them if needed.

 

If the customer is dissatisfied with the return, how can they change their policy fund?

In ULIP policies, the customer is has the option to switch the policy value between different funds in case the present ones are not performing as per expectations; this is known as “fund switching.” The customer can either place the fund switch request online on the customer portal through ‘OPIN,’ or can visit the nearest branch office for the same.

If the customer desires, he/she can also surrender the policy, however this comes with certain conditions attached. ULIPs are market-based and have surrender charges, so it is advisable to read the policy document carefully and get detailed information about the policy before choosing to invest in it.

 

What is the difference between Fund Switching and Fund Apportionment?

Fund Switching: Fund Switching involves modification of the existing value of the fund by switching the fund value from one fund to another fund for investment purposes. The ratio of the amount switched can be 1:1 or 1:x.

Fund Apportionment: Fund Apportionment modifies your fund value by modifying the manner in which the next premium is divided between the existing funds. Suppose your policy has a few funds, so the next time you pay the premium, you choose which fund gets how much money out of that premium.

 

Can the option for fund apportionment be changed during the policy tenure?

The fund apportionment option is used to monitor the next renewal payment allocation in the desired funds and also, to create a new fund (from the available/listed funds in the respective product) in the policy for the purpose of fund switching. The fund apportionment request can be placed any number of times while the policy is still in effect.

 

We also have an article on Fund Switching and how you can switch your funds via the customer portal, that you may find useful. To learn more, click here.