Q1. Can we cancel a health insurance policy online?

Ans: Yes. You can cancel a health insurance policy online by visiting the website of your insurer and filing the cancellation form.

Q2. Do I get a refund if I cancel my policy?

Ans: You get a refund on your premiums after cancelling your health insurance policy if you have not raised any claims. However, the insurer will deduct pro rata premiums as well as the expenses incurred on stamp duty and medical examination.

Q3. Is health insurance premium refundable?

Ans: Yes. Your health insurance premium can be refunded if no claims have been raised during the tenure served. However, the percentage of refund will vary depending on the period you were insured in the policy. Moreover, the expenses incurred on stamp duty and medical examination will be deducted from the refund amount.

Q4. Can I cancel my health insurance at any time?

Ans: Yes. You can cancel your health insurance policy anytime, provided you have not raised any claims during the period you were insured.

Q5. Can I cancel my health insurance policy and get my money back?

Ans: Yes. You can cancel your health insurance policy and get your money back. However, the percentage of the premium that will be refunded depends on the period you were insured in the policy.

How to Cancel Your Health Insurance Policy and Secure a Refund: Ultimate Guide

When Can You Cancel a Health Insurance Policy?

You can cancel your health insurance anytime during the policy year, provided you have not filed any claims. However, it is categorized based on when the policy cancellation request was raised with the insurer. Take a look:

Free-Look Period Cancellation

All health insurance companies offer a free-look period of 15 days or 30 days from the date of policy initiation. During the free-look period, policyholders can cancel their policy if they are not satisfied with its terms and conditions without any policy cancellation charges. In other words, under the free-look period, you can receive up to a 100% refund of the premium amount paid to the insurance company.

However, the insurer will deduct the premium for the number of days you were covered in the policy. They will also deduct any cost incurred on the stamp duty and medical tests.

Cancellation After the Free-Look Period

A mediclaim policy can also be cancelled after the free-look period is over. However, if you cancel the policy after the completion of the free-look period, a health insurance cancellation fee will apply that will be deducted from the refund of your premium amount. However, the refund amount may vary from one insurance company to another. Check out the percentage of health insurance premiums, which will be refunded by the insurance company:

Time of Policy Cancellation	Refund Percentage of Premium
Up to 1 month after buying the policy	75%
1 month to 3 months after buying the policy	50%
3 months to 6 months after buying the policy	25%
More than 6 months after buying the policy	No refund

Health Insurance Policy Cancellation Process

Once you realize that the plan you have bought is not satisfactory, you can contact your insurance company for policy cancellation. Some health insurance providers offer a standard health insurance cancellation form, which you will need to fill out properly during the free-look period. While filling out the cancellation form, you will have to provide information like the reason for the cancellation of the policy, policy details, date of receipt of the policy document, etc.

On receiving your cancellation request, the insurance company will contact you to know the reason for the cancellation of your health insurance policy. They will also suggest a possible solution. However, if you still want to cancel your health insurance policy, the insurer will process your request and initiate the refund.

Steps to Cancel a Health Insurance Policy

Take a look at the step-by-step process to cancel a health insurance policy:

Step 1: Get in touch with the support department of the insurance company to submit the request for policy cancellation.

Step 2: You will need to send a written request, either offline or online, with the details of your policy and the reason for cancellation.

Step 3: After receiving your policy cancellation request, the insurance company will try to give you a solution regarding the same.

Step 4: If you still want to cancel the policy, the process of policy cancellation will be initiated.

Step 5: Based on the tenure for which you were insured, the insurance company will deduct the premium amount and send you the refund amount.

Step 6: An official cancellation letter/email will be sent to you by the insurer.

What is Refunded After the Cancellation of a Health Insurance Policy?

Every insurance company has different rules for premium refunds. However, the refund on policy cancellation is paid only if you have not filed any claims with the insurer. Generally, the premium amount paid by you is refunded by the insurer after deducting the following-

Administrative charges
Expenses incurred by the insurer on your medical examination
The pro rata premium risk for the period for which you were covered

FAQs

Q1. Can we cancel a health insurance policy online?

Ans: Yes. You can cancel a health insurance policy online by visiting the website of your insurer and filing the cancellation form.
Q2. Do I get a refund if I cancel my policy?

Ans: You get a refund on your premiums after cancelling your health insurance policy if you have not raised any claims. However, the insurer will deduct pro rata premiums as well as the expenses incurred on stamp duty and medical examination.
Q3. Is health insurance premium refundable?

Ans: Yes. Your health insurance premium can be refunded if no claims have been raised during the tenure served. However, the percentage of refund will vary depending on the period you were insured in the policy. Moreover, the expenses incurred on stamp duty and medical examination will be deducted from the refund amount.
Q4. Can I cancel my health insurance at any time?

Ans: Yes. You can cancel your health insurance policy anytime, provided you have not raised any claims during the period you were insured.
Q5. Can I cancel my health insurance policy and get my money back?

Ans: Yes. You can cancel your health insurance policy and get your money back. However, the percentage of the premium that will be refunded depends on the period you were insured in the policy.

Health insurance companies

View more insurers

Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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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. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

*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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Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

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How to Cancel Your Health Insurance Policy & Secure a Refund?