How to cancel insurance policy? How to get back money?
Before cancelling your insurance policy , it is important to analyse the reason as to why you are cancelling your policy. Because the moment you cancel your insurance policy, you lose your insurance cover. Cancelling your insurance policy to opt for a better policy is one of the valid reasons to cancel your insurance policy.
Every insurance policy has a cool off period or grace period that allows the insured to assess their insurance needs and to ensure that the insurance policy they have is the right one. If an individual cancels their policy within the grace period or cool off period, they will get a refund of all the premiums until then and won’t be charged any additional fee.
How to cancel your insurance policy?
The insured has to contact the insurance provider and convey their wish to cancel the policy
Usually, the insurance provider provides alternate options and solutions to the insurer
If the insurer still wishes to cancel the insurance policy, they can download the cancellation form from the bank’s website or obtain it from the branch office and fill up the details
Once the cancellation form is submitted to the bank, the bank will get on to the process of cancelling the policy
No refunds will be made if the policy is cancelled outside of the cooling off period.
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