In case of a refund due to an erroneous transaction or cancellation, the premium paid for an insurance product will be refunded via cheque or direct credit as per the policy of the Insurance provider that you have chosen to buy the product from. The refund of the premium shall be as per Indian Motor Act & Insurance Law including rules and regulations of IRDAI for all products in General Insurance as well as Health Insurance.
In case of a cancellation, the premium paid for an insurance product will be refunded via cheque or direct credit as per the policy of the Insurance provider that you have chosen to buy the product from. Motor Third Party Policy is compulsory by Law, thus there should be valid proof before cancelling the Motor TP Policy. The first policy which is incepted earlier date and live as on date shall prevail and later shall get cancelled. The Insurance Transaction shall be under review of AML Compliance and Sanction Clause of Original Policy.
You do not need to return the copy of the policy documents received by you, in order to cancel the policy. However, under Motor Policy, you are required to return the Certificate of Insurance to us / Insurer as per the Motor Act.
The cancellation policy of BIG DIPPER Insurance Brokers INDIA Private Limited follow Free Look Period for Health Insurance Products.
As per the IRDAI rules and regulations, you have the right to cancel your insurance policy within 15(fifteen) days from the date of (online) receipt of insurance policy (referred to as “Free look period”) and refund of your premium amount shall be processed as per the applicable process and procedures followed by the insurer. This Free look facility can be availed only for Life and Health insurance policies, subject to certain other terms and conditions specified by IRDAI. We encourage all our customers to read the insurance policy document carefully and avail the free look facility in case the terms and conditions of the insurance policy document don’t match your insurance requirements. If you purchase, be it an indemnity cover or defined benefit plan, all policies come with a free look period as per the IRDA rules and regulations. Most insurers offer a free look period of 15 days, but some insurers extend it up to 30 days. During this period, if you are not unhappy with the policy terms, coverages or realise that the policy doesn’t meet your needs, you can surrender the same and get a full refund (subject to below deductions as per Insurance Policy Terms and Conditions). The free look period starts from the day of receiving the policy documents.
The benefits of the free look period can be availed within the specified number of days, as mentioned in the policy documents (usually 15-30 days) from the day of receiving the policy. If you wish to surrender the policy or want to make changes, you must furnish the detail of the policy’s start date to initiate the process.
If you are a first-time insurance buyer and are not confident about buying a health insurance policy, you can submit a written request to avail free look period to the insurer. You can also initiate the process to avail free look period in health insurance by filing an online form through the insurer’s website.
You must furnish important details like:
The date on which you receive the policy document
You agree to follow the Insurer’s website steps or customer care executive assistance for your cancellation.
To complete the cancellation process within the free look period, you must submit important documents like the original receipt for premium payment, a cancelled cheque, and policy papers.
Process to follow to cancel the policy within the free look period.
When you can cancel the health insurance policy within the free look period, you may not get a full refund. The insurer may deduct certain charges including –