If the insured/policyholder wants to cancel a Bharti AXA General Insurance policy, the procedures differ according to the categories of insurance.

A cancellation can be made without losing any money while the policy is in the free-look period. A free-look period is offered by every insurance company, wherein the policy can be canceled without losing any money. The policy-buyer can go through the terms and conditions of the policy and change them or plainly cancel the policy if required.

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, he has the option to cancel the policy, stating the reason for the cancellation of the policy in writing to the insurer. 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 that has passed on the 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 risk has commenced
• The free-look period shall not be applicable for renewal policies

The cancellation procedures for different categories of insurance policies are as follows:

Motor Insurance

The company may cancel the policy by sending seven days' notice by recorded delivery to the insured at insured's last known address and in such an event will return to the insured the premium paid, less the pro-rata portion thereof for the period the policy has been in force, or the policy may be canceled at any time by the insured on seven days' notice by recorded delivery. Provided no claim has arisen during the currency of the policy, the insured shall be entitled to a return of premium, less premium at the company's short period rates for the period the policy has been in force.

Return of the premium by the company will be subject to retention of the minimum premium of Rs 100 (or Rs 25 in respect of vehicles specifically designed/modified for use by blind / handicapped / mentally challenged persons). Where the ownership of the vehicle is transferred, the policy cannot be canceled unless evidence that the vehicle is insured elsewhere is produced.

Health Insurance / Critical Illness

• The company may cancel this policy by giving 15 days' notice in writing by registered post acknowledgment, due to the insured at his/their last known address.
• The company shall exercise its right to cancel only in case of non-cooperation of the insured / insured person in implementing the terms and conditions of this policy, in which case the company shall be liable to repay on demand a rated proportion of the premium for the unexpired term from the date of the cancellation.
• The insured may also give 15 days' notice in writing to the company for the cancellation of the policy, in which case the company shall from the date of receipt of notice cancel the policy and retain the premium for the period the policy has been in force at the company's short period scales. Provided, however, that refund on the cancellation of the policy by the insured shall be made only if no claim has occurred up to the date of cancellation of this policy.

Personal Accident Policy

The company may cancel the policy by giving 15 days’ notice in writing by registered post acknowledgment, due to the insured at his/their last known address in case of non-cooperation of the insured / insured person in implementing the terms and conditions of this policy, in which case the company shall be liable to repay on demand a rate-able proportion of the premium for the unexpired term from the date of the cancellation.

The insured may also give 15 days' notice in writing to the company for the cancellation of this policy, in which case the company shall, from the date of receipt of the notice, cancel the policy and retain the premium for the period this policy has been in force at the company's short period scales. Provided, however, that refund on the cancellation of the policy by the insured shall be made only if no claim has occurred up to the date of cancellation of this policy.

Also read – Who do I need to contact in case of a grievance against Bharti AXA General Insurance?