How do I cancel my ICICI Lombard General Insurance Policy?
In any case if the insured / policyholder would like to cancel his icici lombard general insurance policy, then the Below given procedure needs to be followed:-
Free-look Period:-the customer has a period of 15days from the date of receipt 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:
You may cancel this policy by giving A 15 days written notice for the cancellation of the policy by registered post, and then the insurance company shall refund premium on Short term rates for the unexpired policy period as per the rates detailed below, provided no claim has been payable on your behalf under the policy:
| Cancellation period | ||||||
| Policy period | Within 1 month | From 1 month to 3 months | Within 3months to 6months | Within 6months to 1yr | During 2Nd year | During 3Rd year |
| 1yr | 75% | 50% | 25% | 0% | Na | Na |
| 2yr | 75% | 65% | 50% | 25% | 0% | Na |
| 3yr | 75% | 70% | 60% | 45% | 11% | 0% |
Travel insurance:
Cancellation of the policy - at the request of the insured, the policy will be cancelled any time prior to the date of expiry mentioned in the policy subject to the following conditions:
- No cancellation shall be effected unless the unexpired period of the cover exceeds 30 days.
- No cancellation of this policy will be allowed in case the insured has reported a claim under any of the benefits of this policy prior to the date of Notice of cancellation and such claim is either in the process of Decision or stands admitted by the insurer for any amount whatsoever.
- Disclosure to information norm- the policy shall be void and all premium paid Hereon shall be forfeited to the company, in the event of misrepresentation, Mis-description or non-disclosure of any material fact.
- In Case of single trip policy: in the event of cancellation of the policy, the company in addition to retaining the premium on Pro-rata basis for the expired portion of the cover shall also retain a sum of rs. 300/- towards cancellation charges for the policy before refunding the premium which the insured is eligible hereunder;
- In case of Multi trip policy
| Period of risk |
Trip duration |
Rate of premium retained |
| Upto 1 month | Trip duration is less than 7 days | 25% annual rate |
| Trip duration is greater than 7 days but less than 21 days | 50% annual rate | |
| Trip duration is less than 21 days | 75% annual rate | |
| From 2Nd month to 3Rd month | Trip duration is less than 21 days | 50% annual rate |
| Trip duration is greater than 21 days but less than 35 days | 75% annual rate | |
| Trip duration is greater than 35 days | Full annual rate | |
| From 4Th month Upto the 6ThMonth | Trip duration is less than 35 days | 75% annual rate |
| Trip duration is greater than 35 days | Full annual rate | |
| Exceeding 6 months | Any trip duration | Full annual rate |
Home insurance:
The insurance company can any time cancel this policy on grounds of Mis-representation, fraud, nondisclosure of material facts, or insureds non-cooperation, by giving 15 days' notice in writing by registered post/acknowledgement due post to the insurance/ policyholder at the last known address in which case the insurance company shall refund a pro-rata premium for the unexpired policy period. Insured/ policyholder may also cancel this policy by giving 15 days' notice in writing, to the insurance company in which case also, the insurance company shall refund a pro-rata premium for the unexpired policy period.
Related faq -Who do i need to contact in case of grievance against icici lombard general insurance?
