Cancel your insurance policy
When you choose any insurance policy, a pre-fixed time is provided to you for policy evaluation. This period is called a free look period. It’s usually 15 to 30 days and it starts on the day you receive the insurance policy. This period allows you to evaluate the policy’s terms and conditions and its benefits. If during this period, you decide not to go ahead with the policy, you can cancel it. A refund of your premium shall be processed as per the applicable procedure followed by the insurer.
In case you wish to cancel your insurance policy, you can visit our service portal and do it with ease.
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Cancel your insurance policy
- Click on the ‘Sign-in’ button on this page
- Enter the registered mobile number and submit the OTP
- Verify your details by entering your date of birth and proceed.
- Go to ‘Service’ and click on ‘Relations’
- Select your insurance policy number
- Click on the ‘Cancel Policy’ option
- Select a reason for your cancellation and click on ‘Cancel Policy’ to proceed submit your request.
Alternatively, you can click on the ‘Cancel your insurance policy’ option to go to our service portal. Once signed-in, you can select the insurance policy from ‘Relations’. Click on the ‘Cancel Policy’ option from the ‘Quick Actions’ and proceed.
Once your request is raised, your insurance cancellation will be processed in 72 hours. In case a refund is applicable, it will be credited to your bank within 3-4 business days.
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Check your insurance policy
Visit our customer portal to view and update your policy details.
Frequently asked questions
The membership fee/premium amount will be refunded to your registered bank account within 3-4 business days. However, if you have taken any loan from Bajaj Finance, your premium amount will be adjusted towards the outstanding loan amount.
If you surrender your policy after its Free Look Period (FLP) is over, the membership fee/premium amount will be refunded on a pro-rata basis. It can also be adjusted towards your outstanding loan amount within 3-4 business days from the date of the request raised (if any).
A refund (if applicable) will be made to your transaction source as per bank details registered with us. For example, if you paid through your registered bank account, the refund will be credited to the same source.
In case you have taken any loan from Bajaj Finance Ltd., the premium amount will be adjusted towards your outstanding loan amount if any.
An insurance policy can be cancelled only within the Free Look Period (FLP). As for ‘Insurance Surrender’, some life insurance and health insurance policies may acquire a surrender value once the Free Look Period is over.
Once surrendered, you will receive the surrender value as per the policy terms and conditions but would no longer enjoy the benefits associated with the policy.