Steps To Cancel Aditya Birla Health Insurance Policy

A health plan is a must if you want to protect yourself against the high medical costs. Apart from purchasing a policy for yourself, you can also purchase a family floater plan to make sure that even your family members receive health coverage. If you have purchased health insurance and for some reason want to cancel the same, there are a few rules that you should be aware of.

While it is possible to cancel your health insurance anytime, the refund you receive will depend on when you cancel the policy. Let us have a look at the health insurance cancellation policy in detail.

Free-look Cancellation

A Free Look period is a window period offering the insured customers time during which they can cancel their health insurance policy without paying any surrender charges. The health insurance companies will return your first paid premium if you cancel the policy within the stipulated time. This Free look period is a cancellation time period which was 15 days from the date of policy issuance prior to 1 April 2024. However, the Insurance Regulatory and Developmental Authority of India extended this period to 30 days w.e.f 1 April 2024 for health insurance policies which have a tenure of more than a year to safeguard the general interest of policy buyers. This norm of 30 days free look period is applicable for both online as well as offline insurance policies.

Understand The Cancellation Policy Of Aditya Birla

You may choose to opt out of your Aditya Birla health insurance policy at any given point of time however, the refund that will be accorded to you shall depend on factors such as time duration of the policy.     

Within Free Look Period

15 days of online and 30 days for offline health insurance policy shall be provided 100% of the premium amount though the premium for the number of insured days shall be deducted

• Within 1 Month Of The Policy Purchase: 75% of the premium amount would get refunded
• Within 3 Months Of The Policy Purchase: 50% of the premium amount would get paid back
• Within 6 Months Of The Policy Purchase: 25% of the premium amount shall be refunded
• After 6 Months Of The Policy Purchase: No refund 

Cancelling After Free-look Period

Once the free look period expires, the cancellation of the policy will be applicable under surrender. In most cases, policy will be written off as towards the surrender fees if an insured customer cancels it in the first year but if there are premiums prepaid by the insured then the insurance company will deduct premium for the covered duration and then refund the remaining amount.

How to cancel Aditya Birla Health Insurance Policy?

To Cancel During Free Look Period:

• Accurate Documentation: A policyholder must always enter correct details of the information required to be filled in the policy form. If he/she feels that there are misleading gaps in the terms and conditions of the insurance plan, they can get it cancelled right then
• Documentation-readiness: It is always advised in the best interest of policy buyers that they keep record of all the documents related to health insurance ready with them for submission later
• Timely Submission: The 15-day free look period gets initiated from the date of buying the policy. It is absolutely necessary to save this receipt as a proof as the delivery date will come in handy in case you apply for cancellation during this period of 15 days
• Customer Support Contact: All insured customers are advised to contact the customer care representatives of the insurance company directly without delay once decision to cancel a policy has been made
• Refund Post Premium Deduction: Depending on the proportionate premium amounts for the covered duration which shall be deducted by your insurance provider even during the free look period, a refund of payment shall be disbursed to you

To Cancel After Free Look Period:

Though health insurance policy can be cancelled anytime even post free look period, the insured won’t get a 100% refund on the paid premium amount. Following table gives a fair understanding of the time period and the refunded premium issued:

Alternative Options To Cancellation Of Health Insurance Policy

If cancellation of a health insurance policy isn’t a feasible option, one may try the below mentioned ways which serve as an alternative:

• Policy Modifications: Adjusting your coverage needs or adding extra add on coverage benefits to your health insurance policy might be a substitute option for cancellation 
• Using Grace Period: It is wise to avail the grace period offered by the health insurance provider to forestall payment of premium amounts while maintaining continuous coverage 
• Switching Health Insurance Plan/Provider: One can explore the choice of opting for another healthcare plan or switching a provider to suit one’s financial budget as against policy cancellation
• Policy Suspension: When faced with situations such as unemployment/job loss or international travel, an insured customer can think about policy suspension temporarily in place of cancellation

Customer Support Team Contact Information of InsuranceDekho

For any queries or doubts related to the cancellation of Aditya Birla health insurance policy, please connect with our policy mentors and customer support team at 

InsuranceDekho who’re available 24*7 from Mon-Sun to assist you. You may browse our web portal: www.insurancedekho.com | Dial on our toll - free number 7551196989 | Drop an Email at support@insurancedekho.com

Conclusion

Aditya Birla Health Insurance provides different insurance plans such as individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, critical illness health insurance plans, disease-specific health insurance plans, personal accident plans, etc. The insurer offers a smooth claim settlement process which makes it easy for the insured to aid services under the policy.

Also read: What Is Ped In Health Insurance

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FAQs

Ques 1. How can I cancel Aditya Birla health insurance policy after buying?

Ans. You can connect with our customer care team at Aditya Birla health insurance policy via email or phone. You can even place offline request for the same via cancellation   

Ques 2. Will I get a 100% refund on the policy’s premium amount if I opt out of my Aditya Birla health insurance policy within the free look period?

Ans. No, a 100% refund on the policy’s premium amount will not be provided even within its free look period for your Aditya Birla health insurance plan. The company shall deduct the premium for the number of days you remained insured and thereafter refund the remainder amount