Cancellation & Refund
The cancellation of the policy and/or the refund of the premium is processed as follows:
Cancellation of the policy by you
If you don’t agree to certain terms and conditions in your policy, you can cancel it any time before the renewal date. To initiate a cancellation, you need to write an application to the insurance company stating the reason for canceling the policy. The insurance company or insurer referred to here is the company whose policy you have purchased. Depending on when you have applied for cancellation your request will be processed. The period of cancellation will be considered as the time when the insurance company receives the written request.
Cancellation within free-look period
Free-look period is a 15-day period post purchase, that most insurance companies give their customers to review the policy and cancel it if required. The Insurance Regulatory and Development Authority of India (IRDAI) has mandated free-look period for life insurance policies and health insurance policies with policy periods of 3 years or more. However, most insurance companies have free-look period for health insurance policies with a policy period less than 3 years too.
If you request a cancellation of your policy within the free-look period you get a refund of your premium excluding:
- Health check-up expenses
- Stamp duty
- Proportionate risk premium of the period for which you were covered
Also, please note that the free-look provision is not available for renewals.
Cancellation Beyond Free-Look Period
If you apply for cancellation of the policy beyond the free-look period then the policy cancellation will be processed as per the underwriting of the policy. Also, the amount of premium will be refunded will be equal to what has been defined in the cancellation clause of your policy wording.
If you wish to cancel a policy you gave purchased from our portal, you can contact us over phone or on email and we will assist you through the process.
Cancellation By the Insurance Company
The insurance company has the right to cancel your policy if there is fraud, misrepresentation, non-disclosure of important facts or non-cooperation by the insured members. In such cases the insurance company will give a notice of 30-days and there won’t be a refund of the premium.
Refund of the Premium
The premium that you pay is collected directly by the insurance company. If you claim for a refund because of an incorrect transaction or policy cancellation, you will get an amount as per the insurance company’s policy. The refund amount will be provided to you in the form of a cheque or direct transfer, as per the insurance company’s policy.
TransAsia Composite Insurance Broking an insurance broker since 1994.
Registered Address: D- 310, Kanakia Zillion, LBS Marg, BKC Annexe, Mumbai - 400070
CIN : U65990MH1994PLC082324
IRDA Broker License No. 151
Valid from 22/04/2015 to 21/04/2018
Principal officer: Pradeep Karyakarte (Contact: +91 22 30212735)