All You Need to Know About Health Insurance Cancellation Policy

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.

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Tax Benefitup to Rs.75,000
Save up to 12.5%* on 2 Year Payment Plans
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on ‘View Plans’ you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    Do you have an existing illness or medical history?

    This helps us find plans that cover your condition and avoid claim rejection

    Get updates on WhatsApp

    What is your existing illness?

    Select all that apply

    When did you recover from Covid-19?

    Some plans are available only after a certain time

    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.

    Search
    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

    Health insurance articles

    Recent Articles
    Popular Articles
    Does Health Insurance Cover Brain Tumour?

    17 May 2022

    The brain is one of the most important organs in your body. It is...
    Read more
    12 Tips to Avoid Common Health Problems During Summers

    12 May 2022

    India experiences a hot and dry summer season that lasts for up to...
    Read more
    Does Medical Insurance Cover Hearing Aids?

    12 May 2022

    The number of people who require hearing aids continues to grow...
    Read more
    Are Accidental Injuries Covered by Health Insurance in India?

    12 May 2022

    Accidents are unpredictable. Getting injured in an accident not...
    Read more
    6 Most Effective Ways to Prevent Viral Fever

    12 May 2022

    A change in weather can bring respite from the scorching summer...
    Read more
    PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
    Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
    Read more
    Best Health Insurance Plans in India 2022
    Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
    Read more
    Best Maternity Insurance Plans
    Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
    Read more
    Best Health Insurance Plans for Senior Citizens in 2022
    Considering the increase in medical inflation in India, buying adequate health insurance for your loved ones has...
    Read more
    10 Major Benefits of Ayushman Bharat Yojana
    Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi...
    Read more
    top
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL