The cancellation of the policy and the refund of premium will be processed on the basis of the following points:

Cancellation of the policy by you- If you are not satisfied with the terms and conditions of your policy, Then you can cancel the policy before its renewal date. To start the cancellation process, you will have to give an application to the insurance company, in which you will tell the reason for the cancellation.

Cancellation within the free-look period- Most of the insurance companies give a free look period of 15 days to their customers. During this period the customer reviews the policy and can cancel it if he/she wants. The premium will be refunded after deducting some charges.

Cancellation beyond the free - look period- If you apply for the cancellation of your policy after the free look period, then also your cancellation of the policy will be processed and Premium will be refunded after the deductions as per the cancellation clause of your policy.

Cancellation by the insurance company- If any kind of fraud is found from your side then your insurance company can cancel your policy. In such conditions you will get a prior notice of 30 days and the premium will be non- refundable.

Refund of the premium- The amount that you are paying for the Premium is directly received by your insurer. If you are applying for the refund of your premium amount due to cancellation of the policy or any other reason, then the insurance company will refund your amount in the form of a cheque or direct transfer to your bank account.