Can I cancel my policy, and if yes, will I get my premium back

You can cancel a health policy if you're not satisfied with it, or if it doesn't meet your expectations. When you cancel a health plan, you are eligible for refunds on the premium, provided you have not made any claims during that specific year.

To cancel a health plan, you need to send a written request (via email or post) to the insurer stating your reasons for cancellation. You also have to mention the date of receipt of the policy, policy number, and other personal details in the cancellation form. Depending on when you cancel the plan, the premium is refunded in full or partially.

• Cancellation during the free look period – Insurers offer a free look period of 15 days after policy issue. If you cancel the policy during this period, the premium is refunded in full after deducting nominal charges for issue and stamp duty.
• Cancellation after the free look period – In this case, the insurer refunds the premium partially after deducting the costs of stamp duties and the proportional risk charges for the days that you have been covered.

Note that refunds are offered only when you have not made any claims during the policy year. Generally, when you file a cancellation request, you will not receive the complete premium. Instead, the insurer will refund the premiums after deducting the following charges:

• The appropriate premium costs for the number of days covered
• Expenses incurred by the insurer for administering the medical check-ups during policy issue
• Stamp duties and other administrative charges