How do I cancel my Future Generali Insurance Policy?
In any case if the insured/ policyholder would like to cancel his future generali generalinsurance policy, then the below given procedure needs to be followed:-
Free-look period:-the customer has a period of 15days from the date ofreceipt of the new policy document 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, stamp duty charges, if the risk has not commenced
- A deduction of the stamp duty charges, medical examination charges & proportionate risk premium for period on cover, of the risk has commenced
- A deduction of such proportionate risk premium commensuration with the risk covered during such period, where only a part of risk has commenced.
- Free look period shall not be applicable for renewal policies.
Health insurance:
- The health insurance policy from future generali insurance shall be renewable lifelong except on grounds of fraud, moral hazard or misrepresentation or non-cooperation by the insured
- In case of the renewal a grace period of 30 days is permissible and the policy will be considered as continuous for the purpose of all waiting periods and health check-up benefit
- Any medical expenses incurred as a result of disease condition/ accident contracted during the break period will not be admissible under the policy
- The insurance company may cancel the insurance by giving at least 15days written notice to the customer and if no claim has been made then the insurance company shall refund a pro-rata premium for the unexpired policy period.
- The customer can cancel this insurance by giving the insurance company at least 15 days written notice and if no claim has been made then the insurance company shall refund the premium on short term rates for the unexpired policy period as per the rates detailed below:-
Period on risk rate of premium refunded:
| Upto 1 month | 75% of annual rate |
| Upto 3 months | 50% of annual rate |
| Upto 6 months | 25% of annual rate |
| Upto 9 months | Nil |
Critical illness:
- We may cancel this insurance by giving the customer at least 15 days written notice, and if no claim has been made then the insurance company shall refund a pro-rata premium for the unexpired policy period.
- If the customer wishes to cancel this policy, then you should give the insurer a 15 days' notice in writing. The insurer shall refund the customer the balance premium after retaining premium as per the short term scale for the unexpired policy period as shown below:
| Period on risk | Rate of premium refunded |
| Upto 1 month | 75% of annual rate |
| Upto 3 months | 50% of annual rate |
| Upto 6 months | 25% of annual rate |
| Upto 9 months | Nil |
Personal accident:
- The insurer may cancel this insurance policy by giving the customer at least 15 days written notice, and if no claim has been made then the insurance company shall refund a pro-rata premium for the unexpired policy period.
- If the customer wishes to cancel this policy then you should give the insurer a 15 days' notice in writing. The insurer shall refund the customer the balance premium after retaining premium as per the short term scale for the unexpired policy period as shown below:
| Policy period not | % of annual |
| 1 month | 20% |
| 3 months | 40% |
| 6 months | 75% |
| 9 months | 90% |
Travel insurance:
- Cancellation of the policy: a)anytime before the commencement of the proposed journey,you may cancel this policy by giving notice in writing to the insurer, as long as you are able to convince the insurer that the proposed journey has not commenced.
- In event of cancellation of policy after the proposed date of commencement of journey within 7 days or the expiry date mentioned in the policy whichever is earlier,you shall be entitled to a refund of the premium subject to a retention of minimum of rs 250.This is provided if no journey is undertaken. The insurer will verify the original passport and ensure that the journey was not undertaken before any refund of premium.
- Cancellation/ termination: cancellation will not be invoked by the insurer except on ground of fraud, moral hazard or misrepresentation. The insurer will cancel the policy by giving 15 days notice in writing by registered post acknowledgment due post to you at your last known address in which case the company shall be liable to repay on demand a rateable proportion of the premium for the unexpired term from the date of the cancellation.
Refund of premium on early return - in case of any early return of the insured person prior to expiry of the policy period the company will refund the premium at the following rates subject to no claims being incurred on the policy.
| Period of risk | Rate of premium retained by company |
| Above 50% of policy period | 100% of premium |
| Above 40% to 50% of policy period | 80% of premium |
| Above 30% to 40% of policy period | 75% of premium |
| Above 20% to 30% of policy period | 60% of premium |
| Policy inception - 20% of policy period | 50% of premium |
Home insurance:
This policy may be cancelled by or on behalf of the insurer by giving you at least 14 days written notice and in such event the insurershall refund you a pro-rata premium for the unexpired policy period. For the avoidance of doubt, the insurer shall remain liable for any claim that was made prior to the date upon which this insurance is cancelled.
This policy may be cancelled by you at any time by giving at least 14 days written notice. The insurer will refund premium on a pro-rata basis by reference to the time cover is provided, subject to a minimum retention of premium of 25%. No refund of premium shall be due on cancellation if the insured has made a claim under this policy.
Also read-How do i surrender my future generali life insurance policy?
