Learn the Cancellation Process of ICICI Lombard Health Insurance Policy

In the current situation health insurance is necessary for the coverage of medical issues and providing you financial support. However, there may be times when you are not satisfied with the service of your insurer or have other reasons to cancel your health insurance policy. In this article, we are covering the details on how to cancel your ICICI Health Insurance policy. You can cancel your ICICI Lombard Health Insurance anytime without any waiting period or hassle. Insurance companies provide a free cancellation option for all their policies and so does ICICI Health Insurance. Read on to learn more.

How is ICICI Lombard Health Insurance?

ICICI Lombard Health Insurance covers all of your minor and severe health concerns which includes consultation fees, medicines and other investigations. ICICI Lombard Health Insurance Policy has settled 1.6 million claims till date and has a claim settlement ratio of 99.80% .Customers have high brand trust as ICICI Lombard Health Insurance has so far secured  2.17 crore+ lives. There are more than 9500 healthcare service providers who are associated with ICICI to provide you with great service.  

Health Insurance Plans offered by ICICI Lombard Health Insurance Policy

1. ICICI AdvantEdge: This policy by ICICI covers all the medical expenses including day care procedures. It also covers the expenses of the outpatient department tests and consultation fee. 
2. Elevate (New Plan): Launched in July 2024, this plan is an AI enabled plan that provides unlimited sum insured options and also gives the Power Booster benefit.  Elevate also covers day care treatment.
3. Max Protect Plan: This plan gives coverage for international treatments along with benefits similar to AdvantEdge. It helps policyholders in saving money while getting treatment abroad.
4. Health Booster Policy: This is a top-up plan that can cover your extra medical expenses and keep you financially secured at the time of an emergency. This also means that there will be a deductible amount agreed between you and your insurer that will have to be borne by you or your health insurer before the top up can be utilised.
5. Arogya Sanjivani Policy: This policy covers your medical expenses during hospitalisation and also covers your family on floater basis. Within this plan you get coverage for in-patient hospitalisation, pre-existing disease coverage, pre- and post-hospitalisation coverage, coverage under AYUSH and more.

Reasons to Cancel The ICICI Lombard Health Insurance Policy

There can be several reasons why one must try to cancel their ICICI Lombard Health Insurance Policy. Some of the most common ones are mentioned below:

1. One major reason can be in the case there is a higher waiting period with this insurer as compared to other insurers in the market
2. In case the insurer does not cover specific pre-existing disease for which the policyholder has a requirement
3. In case there is a higher premium asked than other insurers in the market
4. The claim settlement ratio is lower in comparison to other insurer in the market
5. The plan is old  while newer plans with robust inclusions and exclusions have come in the market

How to Cancel ICICI Lombard Health Insurance Policy Online?

1. Inform your insurer before the cancellation process in a written statement.
2. Fill up the cancellation form with reason and submit all the documents (KYC) to your insurer. You can do this either online or through offline mode.
3. After verification of all the documents you can choose the process of refund. You can select a refund via account or cheque and you will get your refund within 2-3 working days.

Things To Consider Before Cancelling The ICICI Lombard Health Insurance Policy

Here are some important things which you have to keep in your mind before cancelling your ICICI Lombard Health Insurance Policy:

1. Cancelling a health insurance policy is a big decision so first of all you need to know    about the coverage you want.
2. If you are cancelling a policy you need to know how it will affect you financially.
3. Before cancellation you should know about  the plans of other health insurance policies.
4. Beside that you also consider a plan if you have an unexpected health emergency.
5. Before cancellation you must know about the policy plans which give you coverage of your pre-existing diseases.

For more information or any assistance regarding your ICICI Health Insurance Policy or in case you want to buy or renew your policy connect with an InsuranceDekho advisor - 

Email: support@insurancedekho.com

Call: 7551196989

Conclusion

ICICI Lombard General Insurance has 6500+ network hospitals under its network. Customers can quickly get help from the customer services team as they are available 24x7 on call and chat support. At the same time, customers can promptly intimate claims through the IL Take Care app. ICICI Lombard has an in-house claim settlement team to ensure that all claims are settled on time without any inconvenience to the customer. ICICI has a countrywide presence with 273 branches.

Also Read: 

Is TATA AIG Health Insurance Good?

Is Bajaj Allianz Health Insurance Good?

FAQs

Ques 1. Can I cancel my Health Insurance policy and get a refund?

Ans. Yes, you can cancel your policy within the free-look period of 15-30 days .

Ques 2. How do I cancel my health policy?

Ans. You need to fill a form of cancellation request of a policy with the reason for cancellation of your policy.

Ques 3. Can ICICI policy be surrendered?

Ans. You need to go to the nearest branch of ICICI Prudential Life Insurance to submit all the documents and you can easily surrender your policy. You need to give a reason for cancellation.

Ques 4. Will I get a refund if I cancel health insurance?

Ans. Some charges may be deducted from the insurance amount but you will get a refund from the cancellation of health insurance.

Ques 5. Can I close my policy online?

Ans. Yes, you can close your policy online by submitting the form with all your documents which are mentioned in your policy documents.