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How to Cancel Your Niva Bupa Health Insurance?
To cancel your Niva Bupa health insurance policy, submit a cancellation request through customer support, email, or by visiting the nearest branch. If eligible, you may receive a refund as per the insurer's cancellation and refund policy.
Before cancelling your policy, remember that you will lose financial protection for future medical emergencies and planned treatments.
This page discusses everything you need to know about Niva Bupa policy cancellation refunds, how to cancel Niva Bupa health insurance, important points to consider while canceling your health insurance, and more.
Steps to Cancel Niva Bupa Health Insurance
If you want to know how to cancel your Niva Bupa policy, follow these steps:
- Go to the 'Policy related' section of Niva Bupa Health Insurance.
- Click on the tab 'Cancel Policy' > Free Look Period/Mid-Term.
- Enter your registered mobile number, followed by the OTP received on the same number.
- Select the name of your policy and click/write down the reasons for cancellation.
- Click 'Proceed', and you'll receive an email or SMS regarding the initiation of your policy cancellation.
Benefits of Niva Bupa Policy Cancellation During the Free-Look Period
Review Your Policy
Cancellation during the free-look period gives you time to thoroughly read all the terms and conditions related to your coverage. Furthermore, you can raise any concerns you are facing with the insurer.
Make the Changes You Need
Make changes as per your needs. If you feel you no longer require this policy, or you're not able to afford the premiums, or you have other insurance plans that are more likely to fulfill your expectations and suitability than the current one, you can proceed with policy cancellation taking any of these concerns into consideration.
Play Safe with No Financial Loss
Canceling your Niva Bupa health insurance during the free-look period ensures that you get 100% refunds of all the premiums paid against your policy (after only selective deductions from the refund percentage, as per the policy schedule).
Protection of Consumer Rights
The free-look period elevates customer rights protection by providing them time to understand all the related terms and conditions of their policy. This is beneficial for those as well (mainly for senior policyholders and individuals with any kind of disability) who are not capable of reading or deciding the suitability of their policy's terms.
Live Worry-Free
For a long-term financial goal, it is crucially important to make the right decisions before fully investing in a policy. A free-look period helps you emphasize what you want and what you are getting in return from an insurer. Hence, securing your mental peace and saving you from the stress of a big loss.
Cancel Niva Bupa Health Insurance
What to Do During the Free-Look Period
Don't get overwhelmed by external influence; instead, relax and go through the free-look process calmly. Here's what you need to do during the free-look period:
- Compare similar-level policies from different companies.
- Read your policy documents carefully and thoroughly.
- Decide to either keep or switch the insurance company.
- Take action quickly, as you only get 15 days for the free-look period.
- Keep all records handy about your policy commencement.
Deductions on Refund for Niva Bupa Health Insurance Cancellation
All deductions on your premium refund will be categorized on the following basis:
- Administrative charges and stamp duty.
- Medical expenses borne by the insurer on pre-policy medical check-ups.
- The pro-rated risks related to paid premiums during a policy period (till the time the policyholder is covered).
Percentage of Niva Bupa Policy Cancellation Refund
This table shows how deductions are applicable against the cancellation of a Niva Bupa health policy after the free-look period:
| Policy Tenure | |||||
|---|---|---|---|---|---|
| 1 Year | 2 Year | 3 Year | |||
| Policy in force (up to) | Percentage of refund (premium) | Policy in force (up to) | Percentage of refund (premium) | Policy in force (up to) | Percentage of refund (premium) |
| Up to 30 days | 75% | Up to 30 days | 87.5% | Up to 30 days | 90% |
| 31 to 90 days | 50% | 31 to 90 days | 75% | 31 to 90 days | 87.5% |
| 91 to 180 days | 25% | 91 to 180 days | 62.5% | 91 to 180 days | 75% |
| Above 180 days | 0% or Nil | 181 to 365 days | 50% | 181 to 365 days | 60% |
| 366 to 455 days | 25% | 366 to 455 days | 50% | ||
| 456 to 545 days | 12% | 456 to 545 days | 25% | ||
| Above 545 days | 0% or Nil | 545 to 720 days | 12% | ||
| Above 720 days | 0% or Nil | ||||
You can also track your Niva Bupa policy cancellation refund status easily. Once you submit a cancellation request, the company updates you through SMS or email, and you can also check the status by logging into your Niva Bupa online account or contacting their customer care at 1860-500-8888.
Source: This table is about Niva Bupa's Aspire and Reassure 2.0 plans. However, it may vary from plan to plan; henceforth, the policyholder is responsible for getting all the information from their specific policy wordings.
Note: The table of policy refunds on cancellation is subject to only annual/yearly/one-time premium payments made against the policy. It does not apply to quarterly, half-yearly, or monthly premiums. The percentage of refunds may also be subject to variability according to market changes.
Questions to Ask Before Considering Niva Bupa Health Insurance Cancellation
Here are some important aspects that you must consider before initiating the cancellation of your Niva Bupa health insurance:
- What are the reasons for policy cancellation?
- Are you getting portability benefits somewhere else?
- Are you getting more affordable premiums with another insurer?
- Do you have enough financial backup to beat medical/healthcare inflation?
- Do you have another insurance policy to cover any discrepancies?
- If you have a family history of any medical issues, is it safe to lose health insurance?
- Are you responsible for other dependents in your family in terms of their well-being?
- Are you ready to incur deductions on the refund of the overall premiums that you've paid (if you've crossed the free-look period)?
Note: If the policyholder does not initiate canceling the policy during the given 15-day free-look period, they can wait till the grace period of 30 days with their policy. Once you've surpassed the grace period of your policy and haven't made any payment of policy premiums, the policy stands canceled.
Takeaway: When Should I Cancel My Health Insurance?
Here are some useful tips that you must not forget to read:
- Cancel your health insurance policy during the free-look period.
- After the free-look period of the policy, there will be specific deductions in the refund.
- Yes, you get your money back after canceling the policy (condition - you must read the rate % in your policy wordings).
- You cannot get a full refund once you've completed the free-look period.
- You can only get a 100% refund of all premiums within 15 days of the Niva Bupa health insurance plan purchase.
- Different plans have different percentages of deductions and refunds that you must clarify with your insurer.
Are you still curious and searching for further information about cancelling your health insurance?
Don't worry, read all other aspects of health policy cancellation here. You can also reach out to the expert advisors of PolicyX.com to resolve your queries on 1800 4200 269.
