You may want to cancel your insurance policy for a number of reasons. You may be unhappy with the insurer’s service, find that your insurance policy doesn’t meet your needs, or consider the coverage to be insufficient. You may feel like you have purchased the wrong policy because of a lack of information or insufficient research. Alternatively, you may find that your policy is extremely expensive. When your insurance policy isn’t working out for you, here are some of top options to look out for -
Any good insurance policy in India comes with what is known as a free-look period during or a period where you can check out the terms and conditions pertaining to the insurance policy and get your doubts clarified. If you find that the policy is not as per your expectations, then you can opt out of it and the insurer will refund the premium after deduction of the necessary risk period for the time that has elapsed, stamp duty charges, and costs of medical examinations which were incurred by the insured.
Simply put, it refers to switching from one lender to the other. This is usually done not only to avail better services but also for reducing the premium amount which is paid. The biggest advantage here is that you can carry forward all the benefits which you have collected in your old health insurance policy.
Read Also: Are You Unhappy With Your Insurance Policy? Here’s what to do
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. She has in depth knowledge and has written more than 1200 blogs on topics related home and car insurance. She also provide you with knowledge about home improvement and cooking.