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Insurance is one of the most important aspects of your financial future because
it keeps you and your family well protected from financial uncertainties. With all
being said, it is, however, difficult finding a perfect insurance policy, that suits
all your requirements.
Many of our clients hold an average of about 10-15 policies and are unsure of the
next steps to take with regard to selecting the most appropriate. Questions normally
asked are: Should we continue paying high premiums? Should we convert policies into
paid up or should we surrender them?
Don't let these questions get the best of your decision making process. We are here
to assist you with recommendations and solutions in order to rid yourself of unsupportive
Here are some of your options:
Cancellation of the policy during the Free Look Period:
We often find ourselves pushed into purchasing insurance policies by persistent
sales agents that influence our understanding of the policy. In cases like these,
we tend to overlook the fine print. The Free Look Period enables you to take a second
look at your policy in detail.
This is a grace period offered to you (the policyholder) in accordance with IRDA
guidelines. It is during this time that you can cancel the policy if the terms of
the policy do not fall in line with your expectations. This option also protects
you from forced sales tactics used by insistent sales agents. This Free Look Period
allows for cancellation of the policy within a 15-day period from the date of purchase
of the policy, if it fails to meet your expectations. Some companies also allow
for a 30-day cancellation policy.
The cancellation process is fairly simple. You will have to fill out and submit
a cancellation form stating your reason for cancellation along with your original
Upon receipt of your cancellation form and accompanying documents, the insurance
company will proceed to cancel your policy and refunding your premium. You will
receive the refund of your premium less administrative charges, like stamp duty,
medical charges (if you had undergone medical tests), proportionate risk premium
charges (the time period during which risk cover was offered to you).
To avoid this inconvenience, it's always advisable to read the product brochure
before signing up for any insurance policy.