How do I cancel my ICICI Lombard Health Insurance?

Are you looking to cancel your ICICI Lombard health insurance policy?

Cancelling an active health insurance policy might seem counterproductive, as it leaves you without financial protection against unexpected medical emergencies. Health insurance is designed to cover significant medical expenses, providing crucial support when you need it most.

However, we understand that circumstances may necessitate such a decision. This guide provides a comprehensive overview of the ICICI Lombard health insurance cancellation process, helping you navigate the steps involved.

When should I cancel my ICICI Lombard health policy?

While there isn't a fixed ideal time to cancel your ICICI Lombard health insurance, understanding the refund implications is crucial to minimize financial loss.

If a policyholder cancels their health insurance policy during the free-look period, they will incur fewer deductions on the total refund. Insurance companies typically offer a free-look period of 15-30 days, a mandatory provision by IRDAI. This period allows policyholders to review the policy terms and conditions and make changes if needed. While a full refund is unlikely, the company will refund the premiums after deducting expenses such as stamp duty, health check-up charges (if borne by the insurer), and pro-rata premium for the period the policy was active.

What if you decide to cancel your health policy after the free-look period?

Note: This table provides an approximate representation of the refund percentage you might receive when canceling your health insurance after the free-look period. Actual refunds may vary based on the specific policy type, its terms and conditions, and the policy tenure.

Types of deductions in the refund amount

Three different categories of deductions apply to premium refunds during health policy cancellation, whether within or beyond the free-look period. The specifications of deductions are listed below:

• Pro-rata premium risks
• Stamp duty
• Health examination charges (if the insurer has paid for it)

Process of ICICI Lombard Health Insurance Cancellation

Know the process of canceling your ICICI Lombard health insurance policy:

• Step 1

  Inform your insurer at least two weeks before initiating the cancellation process. This advance notice allows them to guide you effectively. The entire cancellation procedure typically takes 7 to 15 working days.

• Step 2

  Send a written notice of cancellation to the insurer, clearly stating your reason for canceling the health policy.

• Step 3

  Complete the cancellation form, providing the reason for cancellation. Submit all required documents (as specified in your policy documents) along with the form, either online or offline.

• Step 4

  Upon receiving all documents, the insurer will verify them thoroughly and initiate the refund process. You can typically choose to receive the refund directly in your bank account or via cheque. Ensure that the cancellation details align with your policy documents.

• Step 5

  You will receive your refund of the paid premiums within one to two weeks of the company's business days.

Point of contact and address details of ICICI Lombard Health Insurance

Find the customer care contact number and other grievance details for ICICI Lombard Health Insurance below:

If you require further assistance with your ICICI Lombard health insurance cancellation request, please contact PolicyX.com at 1800 4200 269 or email us at [email protected].