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Thinking of dropping your health policy? Read this article for more information on Niva Bupa policy cancellation.
However, before you cancel your Niva Bupa health insurance policy, we must inform you that is not always a good idea.
The reason? You will no longer be financially covered against medical care expenses during an emergency or any planned treatment. Additionally, you might lose all your financial savings in a medical emergency, be it on hospitalization, treatment procedures, doctor’s consultations, and so on.
According to the administrative rule, a customer is always free to make or break a decision of theirs. There could be several reasons for cancelling your health insurance which has probably led you to this page. So, we’re here to give you the right information and support.
This page discusses everything you need to know about Niva Bupa policy cancellation refund, how to cancel Niva Bupa health insurance, all the important points to consider while canceling your health insurance, and more.
Here are the steps for Niva bupa policy cancellation online medium:
Don’t get overwhelmed by the external influence, instead relax and go through the free-look process calmly. Here’s what you need to do during the free look period:
All the deductions on your premium refund will be categorized on the following basis:
This table shows how the deductions are applicable against the cancellation of the 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 |
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. Does not apply to quarterly, half-yearly, or/and monthly premiums. The percentage of refunds may also be subject to variability according to market change.
Here are some of the important aspects that you must consider before initiating the cancellation of your Niva Bupa health insurance:
Note:- If the policyholder does not initiate cancelling 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 out as cancelled.
Here are some useful tips that you must not forget to read:
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.
Niva Bupa Health Insurance Network Hospitals are present in 31 states nationwide. With a wide network of hospitals, Niva Bupa Health Insurance ensures that you are medically secured, irrespective of the city you reside in.
To cater to the different medical needs of an individual & their family, Niva Bupa Health Insurance offers several Health Plans ranging from senior citizen plans to specialized plans for autistic children, to health insurance for cardiac patients, and many more.Take a look below to Niva Bupa Health Insurance plans explore more:
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You can cancel your Niva Bupa policy within 15 days of the policy issuance. Beyond this limit, you will not be able to get a full refund of your premiums paid.
If you cancel your policy within the free look period provided by the insurer, you will receive a full refund. If you cancel the policy beyond this period, a specific percentage of deductions will be applicable.
A 100% refund will be processed and completed against your policy within 10 working days if you’re not satisfied with the policy. (Given, that if there was a pre-policy health check-up condition at the time of policy purchase, the expenses involved in it will be deducted).
You are free to cancel your health policy if you are dissatisfied with the terms and conditions or coverage benefits of the policy. However, it can greatly affect the medical support you might require during an emergency.
You’ll receive an email or SMS regarding the status or closure of your policy’s cancellation.
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Lives In: Delhi, NCR Expertise: Health & Term Insurance Simran has an experience of 4 years in content writing. She transitioned from hospitality and digital marketing 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.
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February 5, 2023
Asia/Kolkata
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