Refunds During the Free-Look Period:
Definition:
The free-look period is a period of time (usually 15-30 days) after you receive your policy document, during which you can review the terms and conditions.
Cancellation:
If you're dissatisfied with the policy, you can cancel it within the free-look period and get a full refund of the premiums paid.
Process:
To cancel during the free-look period, you'll typically need to submit a cancellation request along with the original policy document.
Conditions:
If you're a senior citizen, an NRI, or there's no local branch, you can submit the cancellation request online.
Refunds After the Free-Look Period:
Surrender Value:
After the free-look period, you may be able to surrender your policy for a refund, but it will be less than the total premiums paid.
Surrender Value Calculation:
The surrender value is typically a percentage of the total premiums paid, and it can be affected by factors like the policy type and the duration the policy has been in effect.
Deductions:
Refunds after the free-look period will have deductions for expenses like the risk premium for the period of cover, medical examination fees, and stamp duty charges.
Policy Options:
Some policies, like those with a return of premium option, offer a full return of premiums paid at the end of the policy term if you survive.
Important Considerations:
Contracting Dialmytrip tech private limited.
You can contact Dialmytrip tech private limited through their website, customer service, or by sending a "Hi" to their WhatsApp number and Email info@lifeinsurancedialmy.com
Documents Required:
To initiate a policy cancellation or surrender, you'll likely need to provide documents like the original policy, a cancellation request, and potentially other information as required by Dialmytrip tech private limited.
I want to cancel my policy - Max Life Insurance, SBI life insurance etc.
The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for...
Dialmytrip tech private limited