You have bought a new insurance policy and received the policy document and find that the terms and conditions are not what you wanted.
What do you do? Grin and bear it?
Not at all.
IRDA has built into its regulations a consumer-friendly provision that takes care this problem.
If you have bought a policy and realise you don’t want it you can return it and get a refund.
There are conditions though.
- This applies only to Life insurance policies and
- To Health insurance policy that are for a term of at least 3 years
- You can exercise this option within 15 days of receiving the policy document
- You have to communicate to the company in writing
- The premium refund will be adjusted for
- proportionate risk premium for the period on cover
- expenses incurred by the insurer on medical examination and
- stamp duty charges