For any reason, if the insured/policyholder wants to cancel a Bajaj Allianz General Insurance policy, the procedures for different types of insurance categories are different. The following are the procedures for different types of policies:

Health Insurance

Free-look period

The customer has a period of 30 days from the date of receipt of the new policy document to review the terms and condition of the policy. If the insured has any objections to any of the terms and conditions, s/he has the option to cancel the policy by stating the reason for cancellation. The insured is entitled to a refund of premium subject to:

• A deduction of the expenses incurred on the medical examination and stamp duty charges, if the risk has not commenced
• A deduction of the stamp duty charges, medical examination charges, and proportionate risk premium for the period on cover, if the risk has commenced
• A deduction of such proportionate risk premium commensurate with the risk covered during such period, where only a part of the risk has commenced
• Free-look period shall not be applicable for renewal policies

Renewal and Cancellation

• Under normal circumstances, lifetime renewal benefit is available under the policy except on the grounds of fraud, misrepresentation, or moral hazard.
• In case of the insurance company's own renewal, a grace period of 30 days is permissible and the policy will be considered as continuous for the purpose of two-year waiting period, four-year waiting periods, and health check-up benefits. Any medical expenses incurred as a result of a disease, condition, or accident contracted during the break period will not be admissible under the policy.
• For renewals received after the completion of 30 days grace period, a fresh application of health insurance should be submitted to the insurer and it would be processed as per a new business proposal.
• After the completion of maximum renewal age of dependent children, the policy would be renewed for lifetime. However, a separate proposal form should be submitted to the insurer at the time of renewal with the insured member as proposer. Suitable credit of continuity/waiting periods for all the previous policy years would be extended in the new policy, provided the policy has been maintained without a break.
• Premium payable on renewal and on subsequent continuation of cover are subject to change with prior approval from IRDAI.
• The company may cancel this insurance by giving the policyholder at least 15 days’ written notice, and if no claim has been made, then the company shall refund a pro-rata premium for the unexpired policy period. Under normal circumstances, policy will not be canceled except for reasons of non-disclosure while proposing for insurance and/or lodging any fraudulent claim.
• The policyholder may cancel this insurance by giving the insurer at least 15 days’ written notice, and if no claim has been made, then the insurer shall refund premium on short-term rates for the unexpired policy period as per the rates detailed here:

Personal Accident Policy

Free-look Period

The customer has a period of 30 days from the date of receipt of the new policy document to review the terms and conditions of the policy. If the insured has any objections to any of the terms and conditions, he has the option to cancel the policy stating the reason for cancellation. The insured is entitled for a refund of premium subject to:

• A deduction of the expenses incurred on the medical examination and stamp duty charges, if the risk has not commenced
• A deduction of the stamp duty charges, medical examination charges, and proportionate risk premium for period on cover, if the risk has commenced
• A deduction of such proportionate risk premium commensurate with the risk covered during such period, where only a part of the risk has commenced
• Free-look period shall not be applicable for renewal policies

Renewal and Cancellation

• Under normal circumstances, renewal will not be refused except on the grounds of moral hazard, misrepresentation, or fraud.
• For age 66 and above, renewal sum insured would be restricted to lower than Rs 10 lakhs (under basic and/or wider) or expiring policy sum insured under basic and/or wider sections.
• However, renewals can be considered with higher sum insured subject to submission of requisite documentation to ascertain commensuration of income.
• In case of the insurer's own renewal, a grace period of 30 days is permissible and the policy will be considered as continuous coverage. Any claim incurred as a result of accident contracted during the break period will not be admissible under the policy.
• For renewals received after completion of 30 days grace period, a fresh application of personal accident insurance policy should be submitted to the insurer and it would be processed as per a new business proposal.
• After the completion of maximum renewal age of dependent children, the policy would be renewed for lifetime. However, a separate proposal form should be submitted to the insurer at the time of renewal with the insured member as proposer. Suitable credit of continuity for all the previous policy years would be extended in the new policy, provided the policy has been maintained without a break.
• Premium payable on renewal and on subsequent continuation of cover are subject to change with prior approval from IRDA.
• The insurer may cancel this insurance by giving the policyholder at least 15 days written notice, and if no claim has been made then the insurer shall refund a pro-rata premium for the unexpired policy period. Under normal circumstances, the policy will not be canceled except for reasons of misrepresentation, fraud, non-disclosure of material facts, or the policyholder’s non-cooperation.
• The policyholder may cancel this insurance by giving at least 15 days written notice, and if no claim has been made, the insurer shall refund premium on short-term rates for the unexpired policy period as per the rates detailed here:

Critical Illness Policy

Free-look Period

The customer has a period of 15 days from the date of receipt of the new policy documents to review the terms and condition of this policy. If the insured has any objections to any of the terms and conditions, he has the option to cancel the policy, stating the reason for cancellation. The insured is entitled for a refund of premium subject to:

• A deduction of the expenses incurred on the medical examination and stamp duty charges, if the risk has not commenced
• A deduction of the stamp duty charges, medical examination charges, and proportionate risk premium for the period on cover, if the risk has commenced
• A deduction of such proportionate risk premium commensurate with the risk covered during such period, where only a part of the risk has commenced
• Free-look period shall not be applicable for renewal policies

Renewal and Cancellation

• Under normal circumstances, lifetime renewal benefit is available under the policy except on the grounds of fraud, misrepresentation, or moral hazard or upon the occurrence of an event of critical illness.
• Upon the occurrence of an event of critical illness and (subject to the terms, conditions, and exclusions of this policy) without prejudice to the company's obligation to make payment, this policy shall immediately cease to exist with reference to that insured.
• For renewals of age 61 and above, the maximum sum insured would be Rs 5,00,000 or expiring sum insured, whichever is lower.
• In case of the insurer's own renewal, a grace period of 30 days is permissible and the policy will be considered as continuous for the purpose of the waiting period. Any medical expenses incurred as a result of a disease, condition, accident contracted during the break period will not be admissible under the policy.
• For renewals received after the completion of 30 days grace period, a fresh application of critical illness insurance should be submitted and it would be processed as per a new business proposal.
• Premium payable on renewal and on subsequent continuation of cover are subject to change with prior approval from IRDA. The insurer may cancel this insurance by giving the policyholder at least 15 days’ written notice, and if no claim has been made then the insurer shall refund a pro-rata premium for the unexpired policy period.
• The policyholder may cancel this insurance by giving the insurer at least 15 days’ written notice, and if no claim has been made, then the insurer shall refund premium on short-term rates for the unexpired policy period as per the rates detailed here:

Travel Insurance

If the insured shall make or advance any claim, knowing the same to be false or fraudulent as regards amount or otherwise, this policy shall be void and all claims or payments here under shall be forfeited.

Cancellation

• This policy may be canceled by the insured after the expiry of 14 days from the effective date, in writing to the company, as long as the insured is able to establish to the company's satisfaction that the insured's journey has not commenced, and this policy shall stand canceled if the insured's journey has not commenced within 14 days of the commencement date shown on the schedule.
• Upon cancellation, the company shall be entitled to deduct cancellation charges according to its cancellation scale, subject to retaining a minimum of Rs 250.
• In case of any early return of the insured person prior to expiry of the policy period, the company will refund premium at the following rates subject to no claims being incurred on the policy:

Also read – How do I surrender my Bajaj Allianz life policy?