How to return your health insurance policy during the free-look period


Most people know that life insurance policies come with a free review period. This means that from the moment you receive your document, you have at least 15 days to review it, and if you are not satisfied, to return it to the insurer. The insurer cannot impose the policy on you. The same goes for health insurance policies, so it is important to understand your policy as soon as you get the documents.

All types of health insurance contracts (hospital indemnity cover, defined benefit plans such as critical illness insurance and personal accident insurance with a duration of at least one year) have a free period 15 day vision. This preview window is effective from the time you receive the policy documents, and some insurance companies may also extend this window to 30 days from the date of dispatch.

If you wish to return the policy, the insurer will reimburse you for the premiums paid after deduction of the stamp costs, the proportional insurance costs for this period and the costs of any medical examinations.

In the case of annual health insurance contracts, insurers are expected to cover at least 50% of the cost of any medical examinations you may have to undergo when purchasing a policy. This happens because the insurer has to be sure about your health; some may even decide to pay the full amount. However, if the insurer rejects the policy, the entire cost is passed on to the policyholder.

Read also: Portability of health insurance: here’s how to go about it

You should know that your health insurance policy is active when you receive the policy documents. However, most insurance companies will not pay compensation resulting from illness in the first month. This is called the initial waiting period. But accidents are insured, so if you make a claim due to an accident and the insurer pays the money, you are not entitled to a refund if you choose to return the policy.

Here is a step by step guide on how to return the font.

1. Go through the police documents carefully as soon as you receive them

2. Call customer service, send an e-mail, contact your agent or write a letter to the insurer to initiate a free return from the policy. A call, an e-mail or a visit to the insurer will be faster.

3.The insurance company will send an endorsement and refund the money within 7 days.

4.Remember that you can only cancel the policy during the free consultation and not transfer it. The porting of a policy is only possible at the time of renewal.

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