Health Insurance Rules: Life is full of uncertainties. What can happen here and when. Who will get what disease. Nothing can be said. People spend a lot of money on diseases. That is why people are already prepared for such problems in the future. Many people get their health insurance done in advance. Due to which, if any such problem arises in the future. Then they do not have to bear the burden of treatment expenses. Today we will tell you how you can cancel your insurance policy and get the money back.
Suppose, if you want to cancel a health insurance plan, then there are some rules for this that you should know about. However, you can cancel the health insurance anytime. You do not need to wait for any waiting period for this.
What is free-look cancellation?
The insurance company provides a free-look period of 30 days after the health insurance policy is made online and 15 days after the policy is made offline. During this period, if the customer is not satisfied with the terms and conditions of the insurance company, he can cancel his insurance policy by writing an application. Under the free look period, the customer will receive up to 100 percent of the premium amount. However, during this period, the company can deduct some premium from you according to the number of days.
This is how you can cancel it
Once you realize that you are not satisfied with the plan you have bought, you can contact the insurance company to cancel the policy. Some health insurance companies provide an official form, which you have to fill properly during the free look period. While filling the cancellation form, you have to fill some important information like reason for cancellation of policy, policy details, date of receipt of policy document, etc.
This will be the cancellation process
After the form you have filled is accepted by the company, the insurance company will contact you and verify you, apart from this the company can also give you offers regarding this insurance and suggest new ways. Even after this, if you want to cancel the health insurance policy online, then the insurer will have to process the request and initiate the refund. Apart from this, you can go with the following aspects.
Contact the support department of the insurance company to submit a request for policy cancellation.
You will have to send a written request either offline or online mentioning your policy details and the reason for cancelling the policy.
After receiving the request for cancellation of policy, the insurance company will try to give you a solution in this regard.
If you still wish to cancel the policy then the policy cancellation process will be initiated.
Based on the period for which you had taken the insurance, the insurance company will deduct the premium amount and send you a refund.
An official cancellation letter/email will be sent to you by the insurer.
The above information is based on the websites of various insurance companies, before taking any decision, know the terms and conditions of the concerned company.