A policy owner has the right to change all of the following, except:

In a life insurance policy, the policy owner typically has certain rights that can be exercised throughout the life of the policy. These rights include the ability to change the beneficiary, select the payment mode, and choose how to handle dividends. However, the dividend schedule is usually established by the insurance company and is not something that a policy owner can change directly.

When it comes to dividends, the insurance company has a set policy and methodology for determining when and how dividends are distributed to policyholders. This includes the frequency of payments and the amount, which creates a standard schedule. Although policy owners can choose how they want to use the dividends (for instance, whether to take them in cash, apply them toward premiums, or leave them to accumulate interest), the underlying schedule for how dividends are issued remains consistent and is determined by the insurer.

Therefore, the policy owner’s inability to change the dividend schedule is what makes this option distinct from the others, which the policy owner can indeed modify to reflect their preferences.