What Type of Charges can Health Insurance Company Charge me After I Cancel it with In 15 Days ?

[raj sa]

Recently I Bought My health Insurance from Policy Bazar BUT I have To Cancel My Insurance Bcoz Of Agent doing Mistakes In My Policy Such they Every Time Changes The Waiting period of My existing Disease, So I request to Cancel the Policy.

Finally It in process of Cancellation After Talking to Dozen Of People From his Team But they Said Some Stam Duty Price Maybe Be Cut Such Like 200 or Maybe More But According to IRDAI It's 100 % of Payment You Receive..

And My Credit Card company Also Apply a Processing fee on Me Bcoz I Do My Payment With Emi...

Uff so Cancelling A Policy within 15 days Don't Give U 100% refund , Be Aware ...

 

[spreading_knowledge]

Hey Raj,
I assume, this is a delayed response. But FYI, generally, in health insurance there is something called as free look-up period, which means you have the option to cancel a policy within 15 days ( in most of the plans) if you are not happy with any of the terms or conditions of the policy or simply don't want to to go ahead with the policy.

By doing so, you get full refund of your premiums paid during application. In case, the insurer had done any pre policy medical check ups, the cost of this will be deducted and the remaining amount would be refunded to you. But otherwise, there is no other reason to not get a full refund.