Care Health Cancellation

Let's Learn About Care Health Insurance Cancellation Policy

As a policyholder, you have the right to decide whether to retain a product or discontinue it, based on your needs or interests. This page outlines the consequences, procedures, refunds, and deductions applicable to cancelling your Care Health Policy, and explains why cancellation might not always be the best option.

Health insurance provides financial support during medical emergencies, ensuring you have backup for medical expenses. However, there could be reasons to cancel your health policy, such as:

• You've found a more comprehensive plan.
• You're unable to pay your premiums.
• The policy coverage is insufficient.
• The policy's terms and conditions are inflexible.
• You require a higher sum insured or coverage for extended family members.

Care Health Policy Cancellation in the Free Look Period

Previously, Care Health Insurance offered a 15-day free look period to review terms and cancel policies. However, according to the insurer's latest announcement, a zero free look period is now applicable. This means policies will not have a standard review period, and cancellations will be processed on a pro-rata basis.

This directly impacts policyholders. The Care Health Insurance refund policy will now depend on the number of days the policy was in force, rather than allowing a full premium refund within a free look period.

What if I Cancel My Policy After the Free Look Period?

Since the Care Health Insurance free look period is now zero days, all cancellations are effectively considered as occurring after the free look period. In such cases, there will be certain deductions (as specified in your policy wording/schedule) from your refund amount. The refund amount varies by plan and depends on whether premiums were paid quarterly, yearly, or as a one-time payment. However, the refund from the overall premiums you have paid for your policy ranges from approximately 90% to nil, depending on how long your policy was active.

Note: Each health plan has a different refund percentage and cancellation period. For detailed information, refer to your specific policy's prospectus, such as the Care Advantage health plan prospectus, to understand how policy cancellation refunds work.

Types of Deductions in the Refund Amount

When cancelling Care Health Insurance, the refund amount is subject to certain deductions. The refund amount from the overall premiums depends on the policy type and its terms and conditions. The following deductions may apply to the premiums you have paid:

• Pro-rated risk premium for the policy tenure.
• Expenses incurred by the insurance company for pre-policy medical check-ups.
• Administrative charges and stamp duty.

Ask Yourself These Questions Before Cancelling Your Care Health Insurance Policy

• What are my reasons for cancelling the policy?
• Am I eligible for portability benefits with other insurance companies (if applicable)?
• Can I get more affordable premiums with another insurance policy?
• Do I have sufficient financial backup to cover rising healthcare costs?
• Do I have any other insurance policy covering my medical emergencies in the meantime?
• Given my family history of specific medical issues, is it safe to be without health insurance?
• Do I have dependents who might require medical attention at any time?

How Can I Cancel My Care Health Insurance?

You can cancel your Care Health Insurance policy by contacting the insurer's customer care using the following details:

• Care Health Insurance Limited, 5th Floor, 19, Chawla House, Nehru Place, New Delhi-110019
• [email protected]
• 1800 102 4499 (Sales)
• 1800 102 4488 (Services)
• WhatsApp: 8860402452