In the current scenario, having a health insurance policy is not a choice, it’s a necessity. Apart from buying a policy for yourself, you can buy family health insurance plans to ensure that your family members receive the right health coverage at the time of any medical emergency. As important as it is to purchase a health insurance policy, being aware of the terms of services of the policy is equally important.
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*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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Let’s say, in case you want to cancel the health insurance plan then there are certain rules, which you should be aware of. Although you can cancel your health insurance plan anytime, without having to serve a waiting period. The refund payable to you depends on when you’ve cancelled the policy. Read further to know in detail the cancellation policy of the health insurance plan.
The insurance company offers a free-look period of 30 days, in case of the health insurance policy online and 15 days, in case of the offline policy, from the date of policy initiation. During the free-look period of the policy, the insurance holder can cancel the policy if he/she is not satisfied with the terms and conditions of the policy. Under the free-look period, one will receive up to 100% of the premium amount. However, the insurer will deduct the premium of the number of days the person was covered, also any cost incurred by the insurer for the stamp duty and medical test, if any.
The health insurance policy can also be cancelled after the completion of the free-look period. However, if you cancel the policy after completion of the free-look period then you will not receive a 100% refund of the premium amount.
Once you realize that the plan you have bought is not satisfactory, you can contact the insurance company about policy cancellation. Some health insurance providers offer a standard health insurance cancellation form, which you will need to fill properly during the free-look period. While filling the cancellation form, you will need to fill in certain information like the reason for the cancellation of the policy, policy details, date of receipt of the policy document, etc.
On receiving the cancellation request made by you, the insurance company will contact you to share the reason for policy cancellation and will also suggest a possible solution. However, if you still want to cancel the health insurance policy online then the insurer will have to process the request and initiate the refund.
Now that you know the rules of health insurance policy cancellation, let’s take a look at the step by step process to cancel the policy.
Every insurance provider has different rules for refund. However, in general, the premium amount paid by you is returned by the insurer after deducting the following-
Now if you are dissatisfied with the benefits offered by the policy and have a valid reason to cancel the policy then you can go ahead with this. Just consider the above-mentioned points while cancelling the policy. However, it is always advised not to cancel your health insurance policy, if there is a valid solution.
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