How do I cancel my Liberty Videocon General Insurance Policy?
In any case if the insured / policy holder would like to cancel his liberty videocon general insurance policy, then the Below given procedure needs to be followed:-
Health insurance:
The insured may elect to cancel the policy by giving 15 days notice in writing to the company. If no claim has been made under the policy then the company shall from the date of receipt of notice cancel the policy and retain 15% of the premium relating to the balance period for policy tenure more than 1 year and for policies with a tenure period of one year refund the premium as per the table below:
|
Period of risk |
Rate of premium refunded |
|
Up to 1 month |
75% of annual rate |
|
Up to 3 months |
50% annual rate |
|
Up to 6 months |
25% annual rate |
|
Exceeding 6 months |
Nil |
Free look cancellation:
A period of 15 days from the date of receipt of policy document is available to review the terms, conditions and exclusions of the policy. The insured has the option of cancelling the policy stating the reasons for cancellation if he has any objections to any of the terms, conditions and exclusions. The company shall refund the premium paid after adjusting the amounts spent on medical examination of the insured person/s, stamp duty charges and proportionate risk premium in case the risk has already commenced. Cancellation will be allowed only if there are no claims reported under the policy. All rights under this policy shall immediately stand extinguished on the free look cancellation of the policy. Free look provision is available only at the time of inception of the first policy contract with the company and not at the time of renewal of the policy.
*please refer to the policy documents for full details regarding the termination policy of the various products available through liberty videocon general insurance company.
