A model regulator of a secure and developed insurance industry

CAN I CANCEL MY POLICY IF I AM NOT SATISFIED WITH ITS TERMS AND CONDITIONS?

Yes, you can. In the general insurance contracts, cancellation of the policy leads to either a proportionate refund of the premiums or a refund of premiums on a short period basis.

However, under a life assurance contract, some companies provide a 30‐day period (cooling off period), whereby if the policyholder decides to withdraw within the period, he/she can cancel the policy and obtain a refund less administrative expenses incurred by the insurance company. The refund on any policy is guided by the cancellation clause.

Leave a comment

Your email address will not be published. Required fields are marked *