How do I cancel my Star Health Insurance Policy?
In any case if the insured/ policyholder would like to cancel his Star Health Allied 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, if 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/ critical illness:
The company may cancel this policy on grounds of misrepresentation, fraud, moral hazard, non disclosure of material fact as declared in proposal form/ at the time of claim, or non-co-operation of the insured person, by sending the insured 30 days notice by registered letter at the insured person's last known address and no refund of premium will be made. The insured may at any time cancel this policy and in such event the company shall allow refund after retaining premium at company's short period rate only (table given below) provided no claim has occurred up to the date of cancellation.
| Period on risk | Rate of premium to be retained |
| Upto one month | 1/3Rd of annual premium |
| Upto 3 months | ½ of annual premium |
| Upto 6 months | 3/4Th of annual premium |
| Exceeding 6 months | Full annual premium |
Personal accident:
The company may cancel this policy on grounds of misrepresentation, fraud, moral hazard, non disclosure of material fact as declared in proposal form / at the time of claim, or non-co-operation of the insured person, by sending the insured 30 days notice by registered letter at the insured person's last known address and no refund of premium will be made. The insured may at any time cancel this policy and in such event the company shall allow refund after retaining premium at company's short period rate only (table given below) provided no claim has occurred up to the date of cancellation:
Short period scales:
| For policy with one year term | |
| Period on risk | Rate of premium to be retained |
| For a period not exceeding 15 days | 10% of the annual premium |
| For a period not exceeding 1 month | 15% of the annual premium |
| For a period not exceeding 2 months | 30% of the annual premium |
| For a period not exceeding 3 months | 40% of the annual premium |
| For a period not exceeding 4 months | 50% of the annual premium |
| For a period not exceeding 5 months | 60% of the annual premium |
| For a period not exceeding 6 months | 70% of the annual premium |
| For a period not exceeding 7 months | 75% of the annual premium |
| For a period not exceeding 8 months | 80% of the annual premium |
| Exceeding 8 months | Full annual premium |
| For policy with two year term | |
| Period on risk | Rate of premium to be retained |
| Upto 1 yr | 65% of the premium |
| Upto 2yrs | Full premium |
| For policy with 3 year term | |
| Period on risk | Rate of premium to be related |
| Upto 1 yr | 45% of the premium |
| Upto 2 yrs | 85% of the premium |
| Upto 3yrs | Full premium |
Travel insurance:
Cancellation of the policy may be done only where a journey is not undertaken and only on production of the insured's passport as a proof that the journey has not been undertaken. Such cancellation will be subject to deduction of cancellation charges by the company.
Also read - Who do i need to contact in case of grievance against star health insurance?
