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Contributor
Meena
Posts: 71
Registered: ‎26-07-2016

Midway Cancellation of policy

If I cancel my motor policy midway, can I avail refund under my policy?

1 REPLY 1
Occasional Contributor
Jyoti Poojari
Posts: 10
Registered: ‎12-09-2017

Re: Midway Cancellation of policy

Definitely Meena,

 

You will receive the premium back on pro rata basis, as in Insurer will refund the remaining premium after decducting for the time the policy was live. 

 

For eg: Premium : Rs 10,000

            Policy in force for 100 days

            Therefore,

   

Premium Refundable: 10000 - (10000* 100)/365