You may want to cancel your insurance policy for a number of reasons. You may be unhappy with the insurer’s service, find that your insurance policy doesn’t meet your needs, or consider the coverage to be insufficient. You may feel like you have purchased the wrong policy because of a lack of information or insufficient research. Alternatively, you may find that your policy is extremely expensive. When your insurance policy isn’t working out for you, you have three options. Take a look at what they are.
Make the most of the free-look period
The best insurance policies in India come with a free-look period where you can review the terms and conditions of the policy and decide if you want to continue it. So, review the policy document thoroughly and ask your insurer to clarify your doubts, if any. If you still find the policy unsuitable, you can opt out. The insurer will then refund the premium that you have paid after deducting the proportionate risk premium for the period that has lapsed, expenses of medical examination incurred by the insured and stamp duty charges.
Port your insurance policy to another insurer
Alternatively, you can port your insurance policy by switching from one insurer to another. You may do so to avail better service, to reduce your premium amount or for any other reason. The best part of porting an insurance policy is that you can carry forward all the benefits that you have accumulated with your previous insurer. For instance, assume that your old health insurance plan had a 2-year waiting period for pre-existing diseases and now you port it to another insurer. Sinsrneaucay the new insurer has 3 years as a waiting period for the same. Since you have already served 2 years before porting the policy, you just have to serve one additional year as waiting period, and not 3 years, after which your insurer will cover pre-existing diseases.
Cancel your insurance policy
If you still feel that the policy is unsuitable and that the aforementioned options will not work for you, you can cancel your insurance policy. However, cancellation may come with some terms and conditions and financial implications. Hence, it is best to read the policy document before signing on the dotted line. While cancelling an insurance policy, bear in mind certain important pointers.
• If you want to cancel a life insurance policy such or UILP, you may have to pay special attention to how your insurer treats a discontinued policy as well as your tax implications of cancelling.
• In case of other insurance policies that offer risk cover, the insurer will charge for you all the expenses that they have incurred up to the point that your policy was active. You will receive only the balance amount.
• If your policy provides for a surrender benefit you will have to submit a cancelled cheque to avail it. Likewise, you must take a certificate of cancellation/surrender from your insurer to aid with tax filing.
Top insurance providers like Bajaj Finserv not only offer a variety of covers such as Life Insurance, Health Insurance, and Pocket Insurance, but they also offer excellent features with each policy. Apart from a high coverage amount and low premium, Bajaj Finserv offers a simple cancellation procedure to improve your experience. Here’s how you can cancel a Bajaj Finserv Insurance Policy.
• Write to Bajaj Finserv at email@example.com requesting cancellation of your insurance policy
• Walk into your nearest Bajaj Finserv branch and request cancellation
• Log in to Experia, the customer portal, and raise a request for cancellation
Choose the best course of action as per your unique circumstances. If you decide to switch to another insurer, consider Bajaj Finserv. It offers policies that are comprehensive and affordable. To do so easily and quickly, check your pre-approved offer and buy an insurance online in no time at all.