Riders can be opted for at time of taking the basic policy at a marginally incremental cost. No bonuses are paid under the rider. Normally, after paying premium for three years, you are eligible to take a loan against your policy. All non-investment linked whole life and endowment plans have a loan option. Loans can be taken up to a certain amount of the surrender value of the policy without the need of a guarantor or security.
Interest is charged on the loan amount and compounded on a half-yearly basis.
Yes, a policy can be discontinued. A surrender value is payable to the policyholder if he decides to terminate his policy. However, the insurance protection provided under this policy will also cease. A Surrender fee will be charged.