Bajaj Allianz Health Insurance Policy Cancellation

Cancellation of a Bajaj Allianz Health Insurance policy is possible after a mandatory free-look period of 30 days from the receipt date. During this time, policyholders can carefully review the terms and conditions. Should they decide not to continue with the plan, they can initiate the cancellation process.

 

To cancel the policy, a surrender or cancellation form must be completed, clearly stating the reasons for cancellation. This form, along with the policy documents, should be submitted to the nearest Bajaj Allianz office branch or through the official website.

 

Refund entitlement will be determined by the plan's terms and conditions. Policyholders are eligible for a premium refund, subject to specific terms.

 

It's essential to note that the Insurance Regulatory and Development Authority (IRDA) mandates a free-look period of at least 15 days for all insurance providers in India. Bajaj Allianz complies with this regulation by providing a 30-day free-look period.

 

Whether due to changing life circumstances or personal reasons, understanding the cancellation process ensures a smooth transition for policyholders considering discontinuing their Bajaj Allianz Health Insurance policy.

After assessing the policy, if the policyholder is not satisfied with the coverage, or objects to any terms and conditions, they can choose to cancel the policy. Here is what you need to do to surrender or cancel your Bajaj Allianz Health Insurance Policy:

1. Obtain the surrender or cancellation form for your policy and fill out the required details. Clearly state the reasons for cancellation.

2. Submit the completed form at the nearest Bajaj Allianz office branch or via the website.

3. After submission, wait to hear back from the insurance provider about the cancellation confirmation and the payout.

4. If you prefer a payout via cheque, the process may take somewhere between 8-10 business days. If you prefer a direct payout, you may have to wait for 7-8 business days.

Once you have successfully cancelled your policy, as a policyholder you are entitled to a refund amount, as determined by the terms of your plan. Upon cancellation of your Bajaj Allianz Health Insurance plan, you will be entitled to a refund of the premium, subject to:

• Deduction on the medical exam and stamp duty expenses, before risk commencement.

• Deduction on charges for medical exam, stamp duty costs and risk premium for the covered duration (in proportion) if the risk has already commenced.

• Deduction of risk premium proportionate to the risk covered in the given period, if only partial risk has commenced.

 

In addition to this, here are a few important points to remember:

• Free-look periods cannot be renewed.

• The company provides the insured a minimum of 15 days’ notice in writing before insurance cancellation.

• If no claims have been made, the insurer will refund a pro-rata premium for unexpired policy duration.

• In normal circumstances, the insurance policy is only cancelled by the insurer if non-disclosure while offering insurance is cited as a reason, or fraudulent claims have been lodged.

• The insurer can cancel their policy by giving a minimum of 15 days’ notice in writing, and if no claims have been made the insurance provider refunds the policy premium at short-term rates. This is according to the unexpired policy duration. The refunds are carried out at the rates as given below: