How can I cancel my HDFC term plan?

If you've decided to cancel your HDFC term insurance plan. Whether you've found a better policy, your needs have changed, or you simply want to re-evaluate your coverage, we're here to help. This guide provides a clear and concise walkthrough of the cancellation process for HDFC term plans.

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Can I cancel my HDFC Term Plan?

The answer is yes. You can cancel your HDFC term plan. HDFC Life Insurance provides an easy process for policyholders who wish to discontinue their coverage. Here’s what you need to know:

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Understanding the Free-Look Period

First, if you've recently purchased your HDFC term plan (within the last 30 days), you're in luck! HDFC Life, like most insurers, offers a free-look period This means you can cancel your policy within 30 days of receiving the policy documents and get a refund (minus any applicable charges). This option is great if you've changed your heart or found a more suitable policy elsewhere.

Cancelling After the Free-Look Period

If the free-look period has expired, you can still cancel your HDFC term plan, but you won't receive a refund of your premiums. Here's how to proceed:

Contact HDFC Life: You can contact HDFC Life's customer support through its website, phone, or email. Their contact details are on your policy document or the HDFC Life website.
Request Cancellation: Inform the customer support representative that you wish to cancel your term plan. They may ask for your policy number and other details to verify your identity.
Complete the Cancellation Form: HDFC Life will provide a cancellation form. Fill out the form accurately and completely, providing all the necessary information.
Submit the Form: Please submit the completed cancellation form along with any required documents (like a copy of your ID proof) to HDFC Life. You may need to send it by mail or submit it in person at an HDFC Life branch.
Confirmation: HDFC Life will review your request and process the cancellation. Once it is complete, you will receive a confirmation.

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How to cancel HDFC Life Insurance Plan?

If you want to cancel your HDFC Term Plan, let’s see how to do it:

Step 1: Visit HDFC Life Insurance with the policy documents, bank details, KYC proof and chequebook.

Step 2: Explain the reason for cancelling the plan to the customer care agent, who will then provide you with the surrender application form.

Step 3: You can also complete this process online after the cancellation process on HDFC Life's official website.

Step 4: Fill out the form and then submit all the requested documents.

Step 5: After verification of all the documents, the surrender process will be started.

Note: Know more about surrender value in detail

Important Points to Consider:

Loss of Coverage: Once your policy is canceled, your coverage ends. Make sure you have alternative insurance in place if needed.
No Refund: After the free-look period, you Cwon't receive any refund of premiums paid.
Outstanding Loans: If you have any outstanding loans against your policy, you'll need to settle them before cancellation.

Alternatives to Cancellation:

If you're not sure about completely canceling your policy, consider these alternatives:

Policy Reduction: Reduce your sum assured to lower your premiums.
Rider Removal: Remove any riders you no longer need to decrease your premium payments.

If you have any questions or need assistance with the cancellation process, don't hesitate to contact Policybazaar or HDFC Life's customer support. They're there to guide you through the process and answer any questions.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

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 IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

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

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