A friend of mine sold me a unit-linked insurance plan (Ulip) three days back. I bought the policy but don’t want it anymore. Can I get it cancelled at this stage? Will I be charged for it?
As per the rules set by Insurance Regulatory and Development Authority (Irda), it is mandatory for all insurance companies to give the insured a free look period of minimum 15 days to re-examine the policy. The insured can surrender the policy during this period and the insurer is obliged to refund the amount collected. Since you don't want the policy, you should inform the insurers immediately.
The amount of refund, however, differs from company to company. Some insurers pay the full amount collected from the insured while some deduct some charges like stamp duty or medical examination.
The amount of refund, however, differs from company to company. Some insurers pay the full amount collected from the insured while some deduct some charges like stamp duty or medical examination.
