Source: The Economic Times

Most individuals buy their first policy as a compulsive tax-saving tool or on recommendation by close relatives or friends. They rarely think about it as a financial planning tool, or factor in inflation or lifecycle changes. However, that doesn't mean that one can't rectify or modify the decision. In fact, the best time to take up the exercise is during the policy anniversary. Here is an eight-fold path that would guide you in your endeavour.

Life cycle changes
Mode of payment & payment frequency
Adherence to new tax norms
Revisiting the health cover
Plan your partial withdrawals and loans
Adding more tools for enhanced service
Keeping tabs on insurer's service efficiency
Inform nominees about financial decisions