How do I cancel my ICICI Lombard Health Insurance?
What's up? Searching for a way to your ICICI Lombard health insurance cancellation? Aa jao boss, bata denge!
Well, cancelling your already running health insurance policy doesn't seem very pleasing. The reason? You are biting your back on your own! Didn't get this? Look, if you cancel your health insurance, who on earth will bear all those hefty medical bills during an unfortunate medical emergency? Of course, health insurers have your back to bear all the medical expenses, which is a huge plus.
However, it depends on your current priorities - whether you want to cancel/continue your health insurance. We understand that you wouldn't have cancelled this policy if there was nothing urgent. So, we have the guide on your ICICI Lombard health policy cancellation, read further to get your answers about your policy cancellation and thank us later.
When should I cancel my ICICI Lombard health policy?
There's not a fixed time for your ICICI Lombard health insurance cancellation, but there are chances of saving your paid premiums from drowning.
So, if the policyholder cancels their health insurance policy during the free-look period, there will be fewer deductions on the total refund. We won't say that you'll get a full refund for cancelling your ICICI Lombard health policy. However, the insurance companies give you 15-30 days which is the free-look period. This is a compulsory rule imposed by IRDAI to allow some relief to the policyholders so that they can review and make changes to their policy according to their requirements. After deducting some amount that the company has invested in issuing you the health insurance like, stamp charges, health check-ups before policy commencement, unpaid premiums for the unexpired policy, etc; the company will refund your premiums as you are no longer planning to continue it.
Now, some people may think what if I cancel my health policy after the free-look period? This question has also got an answer.
Time
Refund %
Within 1 month
Approx. 75%
Within 3 months
Approx. 50%
Within 6 months
Approx 25%
After 6 months
Nil
Note- This is only a basic representation of what you'll receive on cancelling your health insurance after the free-look period. It may vary according to the type of policy, terms and conditions of the policy, or the policy tenure for which your policy documents were curated.
Types of deductions in the refund amount
There are three different categories of deductions on premium refunds, that apply to health policy cancellation. No matter whether you proceed with cancellation in the free-look period or beyond that. 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 cancelling your ICICI Lombard health insurance policy:
Step 1
Inform your insurer at least two weeks before initiating the cancellation process, this will help them guide you throughout the process. The procedure of policy cancellation may take from 7 to 15 working days.
Step 2
Send them a notice of cancellation in writing, stating your reason for cancelling the health policy.
Step 3
Fill in the cancellation form and write the reason for cancellation, submit all the documents (that are mentioned in your policy documents) attached to the cancellation form to your insurer (either online or offline mode).
Step 4
After getting all the documents, the insurer will verify them thoroughly and initiate the process of refund (wherever you choose, in your bank account directly, or via cheque). Remember, the details of cancellation must align with your policy documents.
Step 5
You'll receive your refund of the paid premiums within one/two week/s of the company's business days.
A standard Health plan that offers coverage up to 5 lakhs to the insured & his family. The plan offers you everything you need under a health insurance plan.
Unique Features
Cumulative Bonus
Cataract treatment covered
Modern Procedures covered
Arogya Sanjeevani Policy (Pros)
Intensive Cardiac Care Charges
Ambulance charges up to 2000
Cataract treatment
In-patient hospitalization
Uterine Artery Embolization
Arogya Sanjeevani Policy (Cons)
No Eyesight correction expenses
Fertility expenses not covered
Nursing at home not covered
OPD expenses not covered
No Non-allopathic Treatment
Arogya Sanjeevani Policy (Other Benefits)
Floater benefit
Pre-existing diseases after 4 yrs
In-patient AYUSH treatment
Daycare procedures
Pre and post-hospitalisation
Arogya Sanjeevani Policy (Eligibility Criteria)
Entry Age - 18 Years
Maximum Entry Age - 65 Years
SI - 1 L to 5 L
Waiting Period - 30 Days
Saral Suraksha Plan
ICICI Lombard Saral Suraksha Bima
A plan that offers coverage for accidental death and disablement, temporary total disablement and gives Education Grant.
A versatile health insurance plan with vital features like outpatient treatment coverage, Maternity Benefits, Newborn Baby Cover, and more.
Unique Features
Worldwide cover
Daycare Procedures Covered
OPD cover
Health Shield 360 (Pros)
Wellness Benefits
Pre Hospitalization Cover
Post Hospitalization Cover
Compassionate Visit
No-claim Bonus
Health Shield 360 (Cons)
Obesity/ weight control
Change of gender treatments
Cosmetic or plastic surgery
Hazardous or adventure sports
Breach of law
Health Shield 360 (Other Benefits)
Automatic Restoration
Organ Donor cover
Reset Benefits
Additional sum insured option
Air Ambulance
Health Shield 360 (Eligibility Criteria)
Entry Age - 91 Days
Max Entry Age - 75 Years
SI - 75 L - 1 Crore
Waiting Period - 30 Days
Cancel ICICI Lombard Health Insurance: FAQ's
1. Can the ICICI Lombard health insurance company cancel my policy?
Yes, the insurance company is entitled to cancel your health insurance at any time. Given that, you've been subjected to commit any unlawful activities, or alleged to hide/misinterpret any required information.
2. What is the free-look period of ICICI Lombard health insurance?
Top health insurance plans of ICICI Lombard have a free-look period of 15 days. Some plans also come with a 30-day free-look period.
3. Is it compulsory for the health check-up cost to be deducted from my premium refund on cancellation?
Yes, if the company has invested any amount on your pre-policy health check-up, there will be certain deductions involved.
4. I've cancelled my ICICI Lombard health policy, can I retrieve the same policy again?
Health insurance once cancelled remains cancelled, there's no way to retrieve the same. You need to buy another health plan or the same health plan that you cancelled again.
5. Can I expect a full refund on my ICICI Lombard health policy cancellation after the free-look period?
No. Even cancelling the health policy during the free-look period comes with standard deductions like stamp charges, health examination expenses, and premium pro-rated risk amount.
For a better insight into the company, do not forget to go through the ICICI Lombard Health Insurance Reviews.
Anita Sandhu
Goa
March 18, 2024
A user-friendly platform with a lot of useful information with a helpful approach. The team of PolicyX went the extra mile to answer my questions related to ICICI Lombard Health Insurance Polic...
Khushpreet Singh
Bhopal
March 18, 2024
I bought my ICICI Lombard health insurance plan 4 years ago, and every year the team at PolicyX helps me to renew the plan. Thank you PolicyX for taking care like family.
Arjun Palta
Delhi
February 28, 2024
I connected to the team member of PolicyX when I was looking for the best health insurance policy. They helped me buying ICICI Lombard health insurance plan for my family. They made it easier f...
Vayu Sharma
Gandhinagar
February 26, 2024
The insurance team at PolicyX was so helpful while purchasing my health insurance from ICICI Lombard Health Insurance.
Nipun Singh
Indore
February 26, 2024
I needed to apply for a claim settlement for my ICICI Lombard Health Insurance Policy. PolicyX helped me to get the reimbursement very soon.
aditya
Nagpur
February 17, 2022
I have family insurance plan and my mother and sister hospitalised for covid together. hospital gave me big amount. I used insurance plan to pay the bills.
Kalpana Pushkar
Raipur
February 9, 2022
ICICI Lombard s individual health insurance plan is an excellent one that provided me with complete coverage at affordable rates.
Jubin Katyal
Agra
September 8, 2021
Very Good company ICICI. I am impressed with their services. I will recommend this compnay from my side
Simran has an experience of 3 years in insurance content writing. She transitioned from hospitality to the insurance industry after her emerging interest in how vast insurance is. With her ability to write complex insurance concepts in a simple, relatable manner she keeps her audience hooked and solves their doubts smoothly.
