How to Cancel Your Health Insurance Policy & Secure a Refund

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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      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.

      Free-Look Cancellation

      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.

      Cancellation After Free-Look Period

      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.

      • In case of policy cancellation within 1 month after completion of the free-look period, 75% of the premium amount will be refunded to the policyholder.
      • In case of policy cancellation within 3 months after completion of the free-look period, 50% of the premium amount will be refunded to the policyholder.
      • In case of policy cancellation within 6 months after completion of the free-look period, 25% of the premium amount will be refunded to the policyholder.
      • In case, one cancels the policy after completion of the 6 months of the policy, no refund will be paid by the insurer.

      Cancellation Request

      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.

      Cancellation Process

      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.

      Steps to Cancel the Health Insurance Policy

      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.

      • Get in touch with the support department of the insurance company to submit the request for policy cancellation.
      • You will need to send a written request either offline or online with the details of your policy and the reason for the policy cancellation.
      • After receiving the request for policy cancellation, the insurance company will try to give you a solution regarding the same.
      • If you still want to cancel the policy, the process of policy cancelation will be initiated.
      • Based on the tenure for which you were insured, the insurance company will deduct the premium amount and send you the refunds.
      • An official cancellation letter/email will be sent to you by the insurer.

      What is Refunded?

      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-

      • Administrative charges
      • The expense incurred by the insurer on medical examination
      • The prorated premium risk for the time-period the insured is covered

      The Bottom Point!

      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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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881. Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. As per the Insurance guidelines, you are allowed to cancel the policy with-in 15 days from the date of Issuance of policy. For more details, please read the Plan Brochure carefully or talk to our advisor at the time of purchase.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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