In any case if the insured / policyholder would like to cancel his l&t general insurance policy, then the below given procedure needs to be followed:-

Freelook 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:

• Policy will not be arbitrarily cancelled by the insurance company except in case of fraud, non-cooperation, misrepresentation or non-disclosure or suppression of material facts as sought to be declared on the proposal form. You can request for cancellation by giving 15 days' notice after which the company will refund the eligible premium provided there are no claims paid/ reported. A minimum premium of rs. 250 will be retained as declared administration charges.
• The company shall reseves the right and may at any time, cancel this policy, on grounds of misrepresentation, fraud, non-disclosure or suppression of material fact as sought to be declared on the proposal form or non-co-operation of the insured, by giving 15 days' notice in writing by registered post acknowledgment. Due to the insured/ insured person at his/ their last known address in which case the company shall not be liable to repay the premium for the unexpired term.
• The insured/ insured person may also give 15 days notice in writing to the insurance company.

Period on risk rate of premium refunded:

Personal accident policy:

15 days written notice to be given to the insurance company for the cancellation of the policy.

Premium rates for short period cover:

Hospital cash:

The insured/ insured person needs to give a 15days notice in writing to the insurance for the cancellation of the policy. Rates as given will be applicable.