Yes, you may cancel your policy at any time.
If your selected premium payment mode is annual and you have not made any claims during the policy year, you are entitled to get a portion of your premium refunded based on the current modal premium:
On each policy year, policy inforce period not exceeding
|
Percentage of current modal premium for refund
|
Annual Premium Mode
|
Monthly Premium Mode
|
15 days*
|
90%
|
No refund
|
1 month
|
80%
|
2 months
|
70%
|
3 months
|
60%
|
4 months
|
50%
|
5 months
|
40%
|
6 months
|
30%
|
7 months
|
25%
|
8 months
|
20%
|
9 months
|
15%
|
10 months
|
10%
|
11 months
|
5%
|
Period exceeding 11 months
|
0%
|
*Not applicable for 1st policy year.
For monthly premium mode, the coverage of the policy will cease on the day before the next premium due date from your cancellation request.