Group Health Insurance Refund Policy
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Whom do you want to insure?

  • Employee, spouse & kids

  • Employee only

Cancellation Of Group Health Insurance By Policyholder

It is suggested to learn about the coverage while purchasing a group health insurance policy. In case you have purchased a group health insurance policy and find that the employees are not satisfied with the coverage then you just have to inform the insurer prior cancellation of the policy. Most of the insurance companies have a notice period of 30 days but it varies from one company to another.

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What you need to understand here is that your employee will not be able to raise a claim during the notice period. In this case, it is suggested to keep a backup option ready so that any of the employee willing to raise a claim can do so and get proper coverage for the hospital expenses.

Once the notice period is over, the insurer will cancel the group medical insurance and refund the premium amount that was not utilized during the tenure that will exclude service tax. Also, remember that the insurer will only give you the refund when none of your employees has raised a claim during the policy tenure.

The refund of the premium amount also depends on the time passed since the initiation of the group health plan. It means that if the policy duration of your insurance plan is about to end then you may not get any refund. Have a look at the table below to under the percentage of refund you would get after the cancellation of the group health insurance plan.

Percentage of Refund On Cancellation

Time Spent (In Days)

Policy Term One Year (1% Refund Premium)

Policy Term Two Years (1% Refund Premium)

Up to 90

100%

100%

91 to 365

A refund will be provided based on the number of days left.

A refund is provided based on the number of days left.

366 to 455

Not Applied

25%

456 to 545

Not Applied

12%

Crossing 545 days

Not Applied

0%

Automatic Cancellation of Group Health Insurance Policy

The insurance company automatically cancels the group health insurance plan in case of the sudden demise of the insured. Then the insurer makes the refund on the basis of above mentioned parameters. Also, if the insurer has raised a claim then no refund will be provided.

For instance, Ramesh works under the ABC company. During the course of his employment, he has raised a claim once. Due to his sudden demise, the insurance company cancels the insurance policy. Since he has raised a claim once the insurance company will not provide any refund.

Cancellation of Group Health Insurance By Insurance Company

The insurance company can cancel your group health insurance policy. For that, they too have to provide a 30 days notice period. They will also have to refund the unused premium amount only if no claims have been raised during the policy tenure. The parameters of the refund stay the same.

Dishonest Act By Insured

If any person on behalf of the insured or the insured person himself has acted dishonestly, the insurer can cancel the policy.

Misrepresentation of Material Facts

If the insured has not represented the material facts transparently, the insurer can cancel the group health insurance plan.

Non-Renewal of Insurance Policy

Not renewing the insurance policy on time is one of the reasons why the insurer cancels the group insurance plan. If the insured does not renew the insurance policy before the expiry date, the insurance plan lapses, however, the insured gets a grace period during which he/she can renew the insurance plan to get continuous coverage under the group health insurance policy.

FAQs About Group Health Plan Cancellation

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Policybazaar for Business - Ghi Refundpolicy Insurance - Customer Reviews
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4.4/5
Based on 189 reviews
4.4
out of 5
Based on 189 reviews
38 users
136 users
15 users
0 users
0 users
3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune

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