Cancellation and Refund Policy
If you don’t agree to certain terms and conditions in your policy, you have the right to cancel your insurance policy within 15 (Fifteen) days from the receipt of insurance policy. To initiate a cancellation, you need to write an application to the insurance company stating the reason for canceling 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.
As per Insurance Regulatory and Development Authority of India (IRDAI) rules and regulations, a Free-look period is a 15 days period post purchase of policy, in which the insurance companies give their customers to review the policy and cancel it, if required. This free-look period is mandated for life insurance and health insurance policies, subject to certain other terms and conditions specified by IRDAI. We encourage all our customers to read the insurance policy document carefully and avail the free look facility in case the terms and conditions of the insurance policy document does not match your insurance requirements.
If you request a cancellation of your policy within the free-look period, the policy gets cancelled and entire premium is refunded to you subject to deduction of:
- Charges pertaining to medical tests.
- Stamp duty cost.
- Proportionate risk premium of the period for which you were covered.