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Bajaj Allianz Health Policy Cancellation

Bajaj Allianz Health Insurance policy offers comprehensive health coverage that includes hospitalisation expenses, add-ons like restoration benefit, and offers a wide network of partner hospitals. However, you may be at a stage in your life where you feel like you would like to cancel your Bajaj Allianz Health insurance policy for personal reasons. Here is a brief guide on how to go about Bajaj Allianz Health Insurance policy cancellation.

When Can You Cancel Your Bajaj Allianz Health Insurance Policy?

The Insurance Regulatory and Development Authority (IRDA), has decreed it mandatory for every insurance provider in India to grant customers a free-look period that lasts for a minimum of 15 days. The free-look period for Bajaj Allianz Healthcare policies is a period of 30 days from the receipt date of the policy within which the policy-holder can thoroughly review the policy’s terms and conditions. Based on what they decide during this time, the policyholder can then make a final choice about whether they would like to continue with the plan for the long-term. If they do not wish to continue, the buyer can then choose to cancel the policy after the free-look period.

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, along with policy documents attached, 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 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.

What Refunds Am I Entitled to After Policy Cancellation?

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. For your Bajaj Allianz Health Insurance cancellation you are entitled to a refund of premium, subject to:

 

  • Deduction on the medical exam and stamp duty expenses, prior to 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

To Sum It Up

In order to successfully cancel your Bajaj Allianz Health Insurance Policy, you can follow the given steps and submit the form requesting a cancellation at your nearest branch or via the official website. Alternatively, you can renew Bajaj Allianz Health Insurance Plan if it has expired through the branch or online portal. You can also opt for a brand new health insurance plan after cancelling your previous policy, or after it has expired. Finserv MARKETS can help you find the most well-suited health insurance plan for you as well as insurance solutions, all in one platform. Simply browse, compare, customise and purchase the best insurance policy for you or your family with just a few clicks. 

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FAQs on Bajaj Allianz Health Insurance Policy Cancellation

  • ✔️Where should you submit the form for policy cancellation?

    You can carry out the cancellation process via the official website or at the nearest Bajaj Allianz branch office.

  • ✔️What is a free-look period?

    For every Bajaj Allianz Health Insurance plan, the insurer offers a certain duration of time as a free-look period to the customer. The free-look period is essentially a period of 30 days from the receipt date of the policy. The purpose of the free-look period is to allow the policy-holder to thoroughly review the policy’s terms and conditions.

  • ✔️How soon will I receive the payout after policy cancellation?

    If you prefer 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.

  • ✔️What refunds am I entitled to after policy cancellation?

    For your Bajaj Allianz Health Insurance cancellation, you are entitled to a refund of premium, subject to:

    • Deduction on the medical exam and stamp duty expenses, prior to 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.

  • ✔️When can you cancel your Bajaj Allianz Health Insurance Policy?

    Based on what they decide during the free-look period, the policyholder can then make a final choice about whether they would like to continue with the plan for the long-term. If they do not wish to continue, the buyer can then choose to cancel the policy after the free-look period.