How To Cancel Universal Sompo Health Insurance Policy
Updated On Jul 15, 2022
Table of Contents
Universal Sompo General Insurance is the first Private Partnership in Indian General Insurance Industry, The joint venture has been capitalized with shareholders funds of over 230 cr. including share premium. Sompo Japan Insurance Inc. Headquartered in Tokyo, is a Fortune 500 Company with a capital of 70 billion yen. Universal Sompo General Insurance offers Health & Critical Illness, Personal Accident & Disability, Home, Motor and Property insurance. The Company received the Licence and Certificate of Registration from Insurance Regulatory and Development Authority in November 2007.
How To Cancel Universal Sompo Health Insurance Policy
In any case if the insured / policyholder would like to cancel his universal sompo general insurance policy, then the Below given procedure needs to be followed:-
Free Look Period
The customer has a period of 15 days from the date of receipt of the new policy document to review the terms and condition of this policy. If the insured has any objections to any of the terms and conditions, he has the option to cancel the policy stating the reason for cancellation. The insured is Entitled for a refund of premium subject to:
- A deduction of the expenses incurred On the medical examination, Stamp duty Charges, if the risk has not commenced.
- A deduction of the stamp duty charges, medical examination charges & proportionate risk premium for period on cover, of the Risk has commenced.
- A deduction of such proportionate risk premium commensuration with the risk covered during such period, where only a part of risk has commenced.
- Free look period shall not be applicable For renewal policies.
Conclusion
On policy cancellation of Universal Sompo health insurance, the cover ceases to exist for the policyholder. The premiums are refunded according to the applicable interest rates.
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