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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.

Bajaj Allianz Health Insurance Policy Cancellation: Steps to Cancel Your 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.

How Do Refunds Work?

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:

1st Year Policy

Duration of policy in force

Refund of premium

Up to 1 month

75%

Up to 3 months

50%

Up to 6 months

25%

Over 6 months

Nil

FAQs

What is the free-look period for Bajaj Allianz Health Insurance policies?

The free-look period for Bajaj Allianz Health Insurance policies is 30 days from the receipt date, as mandated by the Insurance Regulatory and Development Authority (IRDA).

How do I initiate the cancellation process during the free-look period?

To cancel your policy during the free-look period, fill out the surrender or cancellation form, clearly stating your reasons. Submit the completed form along with policy documents to the nearest Bajaj Allianz office branch or via the official website.

Is there a refund available if I cancel my Bajaj Allianz Health Insurance policy?

Yes, you are entitled to a refund amount determined by the terms of your plan. A refund of the premium is also possible, subject to specific terms and conditions.

What happens if I decide to cancel my policy after the free-look period?

Cancellation after the free-look period is still possible. However, the terms and conditions for refunds may vary. It's advisable to review your policy documents or contact Bajaj Allianz for specific details.

Can I cancel my policy online?

Yes, you can submit the cancellation request online through the official Bajaj Allianz website. Ensure that you attach all necessary documents as per the guidelines.

Are there any charges associated with policy cancellation?

While there may be charges associated with policy cancellation, the specific details can vary. Check your policy terms or contact Bajaj Allianz customer support for information on any applicable charges.

How long does it take to process the cancellation request?

The processing time for cancellation requests can vary. It is advisable to contact Bajaj Allianz customer service for information on the expected timeline for your specific case.

Can I cancel only a specific add-on or rider from my health insurance policy?

The ability to cancel specific add-ons or riders may depend on the terms of your policy. Check your policy documents or contact Bajaj Allianz customer support for guidance on modifying your coverage.

Is there a minimum duration I must keep the policy before cancelling?

Generally, there's no minimum duration before cancellation, especially during the free-look period. However, after this period, it's recommended to review your policy terms or consult with Bajaj Allianz to understand any specific conditions.

Can I reinstate my policy after cancelling it?

Reinstating a cancelled policy may not always be possible, and the feasibility can depend on various factors. It's crucial to inquire with Bajaj Allianz directly to explore options for policy reinstatement.

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