{"id":1282455,"date":"2024-06-13T07:36:41","date_gmt":"2024-06-13T02:06:41","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1282455"},"modified":"2024-06-13T07:37:03","modified_gmt":"2024-06-13T02:07:03","slug":"insurance-policy-holders-allowed-to-cancel-insurance-get-refund","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/","title":{"rendered":"Insurance Policy Holders Allowed To Cancel Insurance, Get Refund"},"content":{"rendered":"\n

In a recent communication<\/a>, the Insurance Regulatory and Development Authority of India (IRDAI) has said retail policyholders can cancel an insurance policy at any time during the term by informing the insurer and eligible to get the refund for the remaining policy period.<\/p>\n\n\n\n

\"Insurance<\/figure>\n\n\n\n

IRDAI Allows Policyholders To Cancel The Policy<\/strong><\/p>\n\n\n\n

The move is aimed towards Giving more flexibility and freedom to policyholders.<\/p>\n\n\n\n

Further, while announcing a host of reforms in the sector on Tuesday, the IRDAI said, \u201cIn case the policyholder cancels the policy, he\/ she is not required to give reasons for cancellation. The insurer can cancel the policy only on the grounds of established fraud, by giving a minimum notice of 7 days to the retail policyholder.\u201d <\/p>\n\n\n\n

IRDAI mentioned that each & every insurer should have a retail product which is identified and designated as a base product defining the necessary minimum coverage in each line of business.<\/p>\n\n\n\n

In case, the customer cancels the policy, the insurer should refund proportion premium for unexpired policy period, if the term of the policy is up to one year and there is no claim made during the policy period, according to IRDAI.<\/p>\n\n\n\n

No Claim Rejection For Documents<\/strong><\/p>\n\n\n\n

Further, IRDAI mentioned that the refund premium for the unexpired policy period should be made in respect of policy with the term more than one year and the risk coverage for such policy years has not commenced, in a master circular.<\/p>\n\n\n\n

Besides this, the regulator noted that no claim should be rejected for want of documents. <\/p>\n\n\n\n

This simply means that all the required documents should be called at the time of underwriting the proposal.<\/p>\n\n\n\n

Adding, \u201cThe customer may be asked to submit only those documents that are directly related to the claim settlement such as claim form, driving license, permit, fitness, FIR<\/a>, untraced report, fire brigade report, post mortem report, books of accounts, stock register, wage register and repair bills (only in cases where cashless is not available), wherever applicable. Under no circumstances can the insurer cancel statutory Motor Third Party Liability insurance or any other compulsory insurance mandated by law except in case of double insurance or total loss.\u201d<\/p>\n\n\n\n

In addition to this, every retail customer should be given a Customer Information Sheet (CIS) with every policy explaining in simple words, basic features of a policy at one place, the regulator said.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent communication, the Insurance Regulatory and Development Authority of India (IRDAI) has said retail policyholders can cancel an insurance policy at any time during the term by informing the insurer and eligible to get the refund for the remaining policy period. IRDAI Allows Policyholders To Cancel The Policy The move is aimed towards […]<\/p>\n","protected":false},"author":27,"featured_media":1282465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[753],"class_list":["post-1282455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-insurance"],"acf":[],"yoast_head":"\nInsurance Policy Holders Allowed To Cancel Insurance, Get Refund - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Policy Holders Allowed To Cancel Insurance, Get Refund - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"In a recent communication, the Insurance Regulatory and Development Authority of India (IRDAI) has said retail policyholders can cancel an insurance policy at any time during the term by informing the insurer and eligible to get the refund for the remaining policy period. IRDAI Allows Policyholders To Cancel The Policy The move is aimed towards […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-13T02:06:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-13T02:07:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg\" \/>\n<meta name=\"author\" content=\"Sheetal Bhalerao\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sheetal Bhalerao\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/\",\"url\":\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/\",\"name\":\"Insurance Policy Holders Allowed To Cancel Insurance, Get Refund - Trak.in - Indian Business of Tech, Mobile & Startups\",\"isPartOf\":{\"@id\":\"https:\/\/trak.in\/stories\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg\",\"datePublished\":\"2024-06-13T02:06:41+00:00\",\"dateModified\":\"2024-06-13T02:07:03+00:00\",\"author\":{\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/86e2f64ead27addec3fdbe5ee1478ba6\"},\"breadcrumb\":{\"@id\":\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#primaryimage\",\"url\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg\",\"contentUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg\",\"width\":1000,\"height\":465},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/trak.in\/stories\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Insurance Policy Holders Allowed To Cancel Insurance, Get Refund\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/trak.in\/stories\/#website\",\"url\":\"https:\/\/trak.in\/stories\/\",\"name\":\"Trak.in - Indian Business of Tech, Mobile & Startups\",\"description\":\"Trak.in is a popular Indian Business, Technology, Mobile & Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups & Social Media Space\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/trak.in\/stories\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/86e2f64ead27addec3fdbe5ee1478ba6\",\"name\":\"Sheetal Bhalerao\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/931fd08efbd72f7e9477ba740c6a56e72632cfb7ecdccb138d13ff6dca82deec?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/931fd08efbd72f7e9477ba740c6a56e72632cfb7ecdccb138d13ff6dca82deec?s=96&d=mm&r=g\",\"caption\":\"Sheetal Bhalerao\"},\"url\":\"https:\/\/trak.in\/stories\/author\/sheetal-bhalerao\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Insurance Policy Holders Allowed To Cancel Insurance, Get Refund - Trak.in - Indian Business of Tech, Mobile & Startups","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/","og_locale":"en_US","og_type":"article","og_title":"Insurance Policy Holders Allowed To Cancel Insurance, Get Refund - Trak.in - Indian Business of Tech, Mobile & Startups","og_description":"In a recent communication, the Insurance Regulatory and Development Authority of India (IRDAI) has said retail policyholders can cancel an insurance policy at any time during the term by informing the insurer and eligible to get the refund for the remaining policy period. IRDAI Allows Policyholders To Cancel The Policy The move is aimed towards […]","og_url":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/","og_site_name":"Trak.in - Indian Business of Tech, Mobile & Startups","article_published_time":"2024-06-13T02:06:41+00:00","article_modified_time":"2024-06-13T02:07:03+00:00","og_image":[{"url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg","type":"","width":"","height":""}],"author":"Sheetal Bhalerao","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Sheetal Bhalerao","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/","url":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/","name":"Insurance Policy Holders Allowed To Cancel Insurance, Get Refund - Trak.in - Indian Business of Tech, Mobile & Startups","isPartOf":{"@id":"https:\/\/trak.in\/stories\/#website"},"primaryImageOfPage":{"@id":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#primaryimage"},"image":{"@id":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#primaryimage"},"thumbnailUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg","datePublished":"2024-06-13T02:06:41+00:00","dateModified":"2024-06-13T02:07:03+00:00","author":{"@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/86e2f64ead27addec3fdbe5ee1478ba6"},"breadcrumb":{"@id":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#primaryimage","url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg","contentUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg","width":1000,"height":465},{"@type":"BreadcrumbList","@id":"https:\/\/trak.in\/stories\/insurance-policy-holders-allowed-to-cancel-insurance-get-refund\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/trak.in\/stories\/"},{"@type":"ListItem","position":2,"name":"Insurance Policy Holders Allowed To Cancel Insurance, Get Refund"}]},{"@type":"WebSite","@id":"https:\/\/trak.in\/stories\/#website","url":"https:\/\/trak.in\/stories\/","name":"Trak.in - Indian Business of Tech, Mobile & Startups","description":"Trak.in is a popular Indian Business, Technology, Mobile & Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups & Social Media Space","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/trak.in\/stories\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/86e2f64ead27addec3fdbe5ee1478ba6","name":"Sheetal Bhalerao","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/931fd08efbd72f7e9477ba740c6a56e72632cfb7ecdccb138d13ff6dca82deec?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/931fd08efbd72f7e9477ba740c6a56e72632cfb7ecdccb138d13ff6dca82deec?s=96&d=mm&r=g","caption":"Sheetal Bhalerao"},"url":"https:\/\/trak.in\/stories\/author\/sheetal-bhalerao\/"}]}},"jetpack_featured_media_url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/Insurance-Banner-Opt.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1282455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/comments?post=1282455"}],"version-history":[{"count":1,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1282455\/revisions"}],"predecessor-version":[{"id":1282466,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1282455\/revisions\/1282466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media\/1282465"}],"wp:attachment":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media?parent=1282455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/categories?post=1282455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/tags?post=1282455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}