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Refund and Cancellation
The Policy can be cancelled at the request of the Insured. The refund of premium shall be as per the Short Period Rates, as specified by IRDA.
The short period rates are as under:
SHORT PERIOD SCALE PERIOD |
PERCENTAGE OF ANNUAL PREMIUM RATE |
| Not exceeding 1 month | 20% |
| Exceeding 1 month but not exceeding 2 months | 30% |
| Exceeding 2 months but not exceeding 3 months | 40% |
| Exceeding 3 months but not exceeding 4 months | 50% |
| Exceeding 4 months but not exceeding 5 months | 60% |
| Exceeding 5 months but not exceeding 6 months | 70% |
| Exceeding 6 months but not exceeding 7 months | 80% |
| Exceeding 7 months but not exceeding 8 months | 90% |
| Exceeding 8 months | Full annual premium/ rate |