InvestorQ : InvestorQ-Ask,Answer & Share All About Finance!
Shreya Mashelkar made post

Can I cancel my policy after purchasing it and if yes, will I get my premium back?

user profile image
2 years ago

Yes, you can cancel a policy after you buy it.

A Free-Look period of 15 days is provided to you after buying a policy to understand the terms and conditions. In case, you find any objectionable clause in your insurance policy, you can cancel the policy and get a refund. Stamp duty, expenses on medical check-up and proportionate risk premium (the number of days that the insurance company is at a risk of bearing your health expenses) would be calculated while the premium amount is refunded.

It is advised that you refer the policy termination or policy cancellation section in your policy wording to know the amount that would be refunded.

Do note that for the refund to be processed, there should be no claim during the policy period.