How to Cancel Your Health Insurance Policy and Get a Refund?

Today, a comprehensive Health insurance Policy is a necessity to safeguard oneself against rising medical costs and your family against unexpected medical expenses. In most situations, porting a Health Insurance Policy is better than cancelling the Policy, there might be situations where the Policyholder might need to cancel his Health Insurance Policy.

Why should you cancel a Health Insurance Policy?

1. Premium Increase: Sometimes, the Premium of a Health Insurance Policy goes up significantly making it unaffordable for the Policyholder. In such a case, the Policyholder may want to cancel his existing Health Insurance Policy and opt for a new policy with lower premiums.
2. Misled about Policy Features: Sometimes, the Policyholder might have been misled about Policy Features by their Insurance Agent. In such a case, it is a good decision to cancel the Policy at the earliest.
3. Coverage Changes: Sometimes, the Insurance Company might changes the Policy Features making it unattractive. In such a situation, the Policyholder might decide to cancel his Health Insurance Policy.
4. Moving Abroad: If the Policyholder is relocating outside India, he will need to cancel his Health Insurance Policy as the coverage is not provided outside India.
5. Dissatisfaction with Policy Features: Sometimes, the Policyholder may be not satisfied with the Policy features. In such a case, he should explore the option of cancelling the Health Insurance Policy.
6. Unsatisfactory Service: The Policyholder may have had an unpleasant experience with the Claims Process in a Health Insurance Policy and may not have confidence in the Health Insurance Company. In such a case, the Policyholder should cancel the Policy.

When to Cancel Your Health Insurance Policy?

Cancel Health Insurance Policy during Free-Look Period

The Free Look Period is the time period within which the Policyholder can cancel his Health Insurance Policy and receive the full Premium refund. A Free Look Period allows the Policyholder to evaluate the policy’s Terms and Conditions and Cancel the Policy and receive a full Premium Refund. Most Health Insurance Policies provide a Free Look Period of 15 to 30 days. Cancelling the Health Insurance Policy within the Free Look Period is the best option since the Policyholder receives a Full Premium Refund.

Cancel Health Insurance Policy after Free Lookup Period

A Health Insurance Policy can also be canceled after the Free Look Period. In such a case, Policyholder needs to give a 15-days’ notice to the Insurance Company. In such a case, the Insurance Company refunds the Premium based on a pre-specified percentage depending on the remaining term of the Policy. A Typical Premium Refund table for Health Insurance Policy Cancellation is specified below

What are the Steps to Cancel a Health Insurance Policy?

The steps to cancel a Health Insurance Policy are listed below:

1. Contact Insurance Company: Call or Email the Insurance Company’s customer service department. Provide the Insurance Policy number and the other details to initiate Policy Cancellation
2. Verify Details: Confirm the effective date of cancellation and the Premium Refund Amount to be received
3. Policy Cancellation: Once the Insurance Company receives the request for Policy Cancellation, the same is processed within 7-10 working days and the Premium Refund Amount is credited to the bank account of the Insured.

Get Best Quotes for Health Insurance Policy with Qian!

Qian Insurance Broking LLP is a leading Insurance Broker In India with tie-ups with leading Insurance Companies so that you can choose from a range of Health Insurance Policies depending on your budget and requirements. We will assist you with selecting the right Health Insurance Policy as well as for your Health Insurance Claim. Get the Best Quote for Health Insurance Policies with Qian. You can get in touch with us via email at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you.