Cancellation of Individual Health Protector Policy
It is our suggestion that you set a reminder to keep your policy renewal dates recorded. It is very important to pay the renewal of the premium prior to expiry dates. The premium should at least be paid within 30 days from the date of policy expiration and not later.
The premium payment of your Mediclaim policy is critical, as the failure to make the payment within the right time will mean policy cancellation for you. This will render the protection that you had under the policy useless, and you will lose all cover. This situation is not desirable as the policy will be cancelled irrespective of whether the previous payments were made or not.
There are a lot of reasons because of which a policy can be cancelled, so it is important to keep a note of them. In the following section, we have explained the ways and the process involved.
Cancellation of Policy from your side
If for any reason you should want to cancel your Mediclaim Policy, the following steps will have to be followed:-
If the risk has begun to be covered, then the deductions will be then the expenses that we incur for the examination of medical details and the duty paid for the stamp as well as a proportionate premium for Mediclaim policy. All three of these will be deducted before the refund is made.
Through Notice: - You may cancel the cashless mediclaim policy through written notice. To do this send the written notice within 30 days to us using the standard method of registered post. A refund will be issued using the following scale as a measure. The exception to this rule is for that insured person (s), who has preferred their claim on us for the policy of the current period:
Cancellation during Free-look period: – This policy at IFFCO-Tokio for a Mediclaim has attached to it a period of 15 days during which you are allowed to take a free-look. This means that for this policy you are allowed a period of time during which you can cancel the policy owning to any issue with the terms and conditions, should you think it necessary, without being penalized in any manner.
Automatic Cancellation: - If by chance you do not pay the premium that is required for the Mediclaim policy renewal in time for the due date or utmost within 30 days beyond the due date then it is assumed that you have no interest or are not willing to continue with the policy and the Mediclaim will be cancelled immediately. There may be a claim for a refund, but that will be processed using the company policy that is active at the time of claim.
Cancellation of Policy by IFFCO-Tokio
We take it as our duty to make sure that your individual health protector policy is not cancelled for any reason whatsoever. However, there are circumstances and situations under which our company may make the decision to cancel the policy. The major reasons due to which your Mediclaim policy can be cancelled are listed below: -
Moral Hazard or Misrepresentation: - Your cashless Mediclaim Policy may be cancelled by us, on the grounds of moral hazard or misrepresentation from your side. For this process, we will send a 30 (thirty) days’ notice using registered post to your last known address. The only thing that you will be entitled to, in such a case is a pro-rata refund of premium for the unexpired period that remained of the Mediclaim policy. This would be with respect to such insured person(s) for the likes of whom there has been no claim.
Fraud or Non-Disclosure: - In case there has been a fraud or non-disclosure of pertinent facts on your side, we have the right to cancel the Mediclaim policy. This would be done by us sending a 30 (Thirty) day written notice, through registered post to your registered address. There will also not be a refund for the premium which has been paid in such a case.
Non-Cooperation: - Your cashless Mediclaim may also be cancelled in case you do not cooperate with the company. You will be notified in such a case with the help of a 30(Thirty)-day written notice, regarding the issue of your non-cooperation, at your registered address. You will receive a refund for the premium on a pro-rata basis, only if there has been no claim made for the Mediclaim policy.