Let’s learn about Care Health Insurance cancellation policy
What will happen if I cancel my Care Health Insurance policy? Read further to know about it.
Health insurance supports you financially in times of medical emergency and makes sure that you have enough backup for all the medical expenses. However, there could be reasons that you need to cancel your health policy, like;
- You’ve got a far-reaching plan
- You’re unable to pay your premiums
- The coverage of your policy was not sufficient
- The terms and conditions attached to your policy are not flexible
- You need a huge cover amount in the policy that covers extended family members, etc.
So, being a policyholder, it’s your right to choose whether you want to keep a product or discontinue it as per your need/choice. This page discusses all the consequences and steps of cancelling your Care Health Policy, why you should not cancel it if not necessary, refunds and deductions that will be applicable, and so on.
Care health policy cancellation in the free look period
Cancelling your Care Health Insurance policy in the free look period ensures you get a full refund against an overall premium that you’ve paid during the policy period. Care health insurance company gives you a free look period of 15 days during which you can decide whether you have to keep the policy, change it, or cancel it.
Furthermore, you also get a chance to review the terms and conditions, coverage specifications, and more during this time. It allows you to customize your policy according to your current and future requirements.
What if I cancel my policy after the free look period?
If you forget or delay cancelling the Care Health insurance policy during the specified free look period (commonly, 15 days), there will be certain deductions (which are written in the wording/schedule of your policy) on your refund amount. The refund is based on a quarterly/yearly/one-time premium payment that varies from plan to plan. However, the refund against the overall premiums that you have paid for your policy ranges somewhere from approximately 90% to nil based on the days/year/s your policy was active throughout.
Note: Every health plan comes with a different percentage of refund defining a period for cancelling the same. For reference, check out the Care Advantage health plan prospectus to know how policy cancellation refunds work in health insurance.
Types of deductions in the refund amount
The cancellation of Care Health Insurance has a specified refund amount that comes with some deductions. Refunds against the overall premiums depend on the type, and terms and conditions, of the policy. There are three kinds of deductions in refund amount against all the premiums that you have paid to the insurer:
- Pro-rated risk on the premium paid during the policy tenure
- All the expenses are borne by your insurance company on pre-policy medical check-ups
- Administrative charges and stamp duty
Ask yourself these questions while cancelling your Care health insurance policy
- What are the reasons that I’m cancelling the policy?
- Am I getting any portability(if applicable) benefits with other insurance companies?
- Can I get more affordable premiums with another insurance policy?
- Do I have enough financial backup to bear the healthcare inflation?
- Do I have any other insurance policy covering my medical emergencies in the meantime?
- I have a family history of particular medical issues, so is it safe to not have health insurance?
- Do I have responsibility for my family or a dependant who could get a medical complication anytime?
How can I cancel my Care Health Insurance?
You can cancel your Care health insurance policy by informing and reaching out to the customer care of your insurer at:
Care Health Insurance Limited, 5th Floor, 19, Chawla House, Nehru Place, New Delhi-110019
customerfirst@careinsurance.com
1800 102 4499 (Sales)
1800 102 4488 (Services)
WhatsApp
8860402452
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