Policy Cancellation & Refunds
Policy Cancellation & Refunds
The Cancellation and Refund policy depends on the terms and conditions of the product you have bought and might vary from one insurer to another. Generally, the process for cancellation of the policy and/or the refund of the premium is as follows:
Cancellation of the policy by you
If you are not satisfied with the terms and conditions in your policy, you can cancel it any time before the renewal date. To initiate a cancellation, you need to write an application to the insurance company stating the reason for cancelling the policy. The insurance company or insurer referred to here is the company whose policy you have purchased. Depending on when you have applied for cancellation your request will be processed. The period of cancellation will be considered as the time when the insurance company receives the written request.
Cancellation within the free-look period
Free-look period is a 15-day period post purchase of a health or life insurance policy, that most insurance companies give their customers to review the policy and cancel it if required.
If you request a cancellation of your policy within the free-look period, you get a refund of your premium excluding:
- Health check-up expenses
- Stamp duty
- The proportionate risk premium of the period for which you were covered
Also, please note that the free-look provision is not available for renewals
Cancellation Beyond Free-Look Period
If you apply for cancellation of the policy beyond the free-look period then the policy cancellation will be processed as per the underwriting of the policy. Also, the amount of premium refunded will be equal to what has been defined in the cancellation clause of your policy wordings. Most of the policies have a short period scale mentioned as part of the policy wordings and hence the customer will not be eligible for refund on pro rata basis.
If you wish to cancel a policy you have purchased from our portal, you can contact us over the phone or on email and we will assist you through the process.
Cancellation by the Insurance Company
The insurance company has the right to cancel your policy in the event of fraud, misrepresentation, non-disclosure of important facts or non-cooperation by the insured members. In such cases, the insurance company will give notice of 30-days and the premium will not be refunded.
Refund of the Premium
The premium that you pay is collected directly by the insurance company. If you claim for a refund because of an incorrect transaction or policy cancellation, you will get an amount as per the insurance company’s policy. The refunded amount will be given to you in the form of a cheque or direct fund transfer, as per the insurance company’s policy.