Sometimes, for various reasons, your health insurance policy may not meet your expectations or requirements. So, you may wonder how to end it mid-term and port to a better insurance provider.

Do you relate? If so, read ahead to find out how to cancel a health insurance policy and get a refund.

You can cancel a health insurance policy by informing your insurer. However, the percentage of refund you will receive will depend on which time in the policy cycle you initiated the cancellation. Also, a refund is usually applicable only if you have not raised any claims during the policy term. Otherwise, the insurance policy cancellation can still be done without any refund.

Note: Refund is applicable only if you have a claim-free policy history.

You can follow the below-listed steps if you wish to cancel your ACKO Health Insurance or Arogya Sanjeevani Health Insurance Policy offered by us.

Step 1: Reach out to ACKO’s support team and inform them about your decision to terminate your health insurance policy. Alternatively, you can call our toll free number 1800 266 2256 or email us at [email protected].

Step 2: While informing our team, mention the policy ID of the plan you would like to end. You can find this number in your plan’s policy document. Also, clearly mention the reason you would like to end the plan.

Once we receive your cancellation request, we will proceed (as per the applicable terms and conditions) with the cancellation and process the applicable amount that needs to be refunded to you. The refund will reflect in your bank account within 7 to 10 working days.

Note: ACKO has a free-look period spanning 30 days (starting from the date of policy purchase). If a cancellation is initiated during this time, you will receive a full refund. After the free look period is over, refund will be initiated to you on a pro-rata basis.

Cancelling health insurance coverage can be a difficult procedure. Knowledge of the possible hazards is absolutely important to prevent expensive errors. These important factors should assist you in negotiating the cancellation process without incident.

Before you cancel your health insurance, completely grasp any possible deductions and refund policies. Usually, based on the length of your policy cycle, insurers reimburse a percentage of the premium; administrative fees, medical test costs, or risk premiums could lower this amount. Usually, the first thirty days, the free-look period allows for a complete refund with a few lower costs. Refunds after this period, however, are usually pro-rata, meaning depending on how long you have been covered, you could only get back a percentage of the cost. Always closely review the agreements and inquire with your insurance about any deductions that can affect your refund.

Cancelling insurance is one of the most important hazards since it may cause a coverage gap, exposing you to medical expenses should an emergency strike. Before starting the cancellation procedure, be sure you have a backup policy to guard against this. Whether your new coverage starts right after the cancellation, you are transferring to a different insurer, updating your current plan, or adding extra benefits. Check the pre-existing waiting times for conditions in the new plan to prevent coverage gaps.

Knowing the refund procedure, tracking deductions, and guaranteeing ongoing coverage helps one avoid common mistakes and maintain financial safety during the change. Always ask your insurer to clarify any questions before deciding.

Cancelling a health insurance policy in India can have legal and tax implications that you should consider before making a decision.

Before cancelling or switching, always consult with your tax advisor and insurer to avoid tax issues or coverage gaps.

If you buy a health insurance plan, it doesn’t mean that you are stuck with it until the policy period ends. If you are dissatisfied with the service, you always have the option of cancelling your health policy. Additionally, you can also receive a refund if you have a claim-free policy history and you terminate within six months.