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UsCancellation & Refunds
Refunds for the policies are subject to the terms and conditions of the insurance company you have chosen. A minimum 15-day lock-free period is available for cancellations and refunds. Any cancellations during the policy term are considered on a case-by-case basis by the insurer. Refunds will be provided through cheque or direct credit.
When you buy a policy, you are given a free lock-in period of 15-20 days during which if you change your mind about the policy, you are free to cancel it and the premium paid will be refunded after deducting some charges like stamp duty etc.
The other option you have is to port the policy from your current provider to another one. When you port, you transfer the policy without losing any continuity benefits. For example, if you had a waiting period of 24 months for a pre-existing disease in the current policy, and you have completed this waiting period, this benefit will stand in the new policy as well. Keep in mind that you should send a portability request at least 45 days before the policy renewal due date. The request may be rejected by the new company, at their discretion.
From the day of cancellation, all benefits and the health cover that came with the policy stand void. The premium for the balance year is pro-rated and refunded to you as per the conditions written in the policy.