How to cancel max life insurance policy in 2021
Cancel max life insurance policy If you take an any Insurance Policy you’re Not Satisfy that Policy you want to cancel it within free look Period, All most all people who want to cancel their Policy those didn’t find that features which agent say on that time but when the documents come they find most of the benefits are not listed as our agent say’s that, the main reason for canceling Insurance Policy.
IRDA Allows their Clients
The insurance regulatory and Development Authority of India is giving a benefit for their client IRDA’s says that that Day You’ll Receive your Document. The period of 15 days starts from the date of receipt of the policy document if you did not satisfy with your Policy you can close it, and take your money back which you’ve Invested.
Free Lookup Period
The period of 15 days starts from the date of receipt of the policy document by the policyholder. You can Cancel max life insurance policy within the free tool period, it does not match your expectations or you can also get some features changed or given false information about the policy by your Agent.
Refund of your Premium
Do not expect a full refund of your premium even if you Cancel max life insurance policy in the free-look period, The Insurer deducts certain expenses incurred on a medical test. stamp duty, admin charges, etc. if the risk cover has already commenced, the proportionate risk premium for the period will also be adjusted with your refund amount.
ULIP Policy Holder Rule
For ULIP Policy Holder Rule is unit Linked Insurance Policy(ULIP) Cancelation is done, by the insurer repurchasing the units allotted to the policyholder at the now on the day of cancelation of the policy.
Suppose your premium was Rs100, you insurer incurred expenses of Rs 20 and invested remaining Rs 80 in the fund option, on the day of cancellation the Now has insurer will refund Rs 90 other adjusting charges towards stamp duty, medical test, etc.
If you want to read more about Max life Insurance you can read here
How to cancel Insurance Policy
- Online Policy Holders
Call on insurance company Customer Care Number and other Providing Some Policy details you are able to cancel your Insurance Policy and you get your Refund of Premium.
- If buy from Insurance office or from Agents
Submit your Original Policy Documents with Application for cancellation of Policy to Insurance office or to the agent after Cancellation you will get your refund.
- Avoid delay in cancellation of your Policy if not satisfy
Avoid agents if only sum days of free look period period left
- keep original policy document
Do keep the acknowledgement etc. carefully to avoid any legal or non-legal problems in future.
- Send Required Forms
Send the required forms in advance keeping in mind that there could be postal delays too, Agents are likely to employ all kinds of delaying tactics to avoid cancellation of the Insurance Policy.