I want to cancel my insurance policy
“I want to cancel my insurance policy now” Is that a thought dominant in your mind?
Do you want to cancel your ULIP plan that you bought? As per IRDA(Insurance Regulatory Development Authority), it is compulsory for all insurance companies to give the insured(the person who buys insurance) a free look period of at least 15 days to re-examine the policy.
The insured can surrender or give back the policy during the period and the insurer(the insurance company) has to legally, refund the money collected. You should, therefore inform the insurers right away about your decision to cancel the policy. Some insurers pay the full amount as refund while others deduct money for stamp duty and medical examination. So when you take an insurance policy, ask about the surrender value and cancellation procedures, just to be on the safe side
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Posted by Starwin on 11th January, 2010
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I am stop to pay the insurance policy premium due to financial primium .i want to know that i received my money back ,how it is ?
well Omprakash, ask them about the surrender value of the insurance policy. You can cancel the insurance within first 15 days or one month. Please check with your insurance company