Cancellation by Policyholder/ Insured Person. Policyholder/ Insured Person may terminate this Policy by giving 30 days prior written notice to the Company. The Company shall cancel the Policy for the balance of the Policy/Coverage Period and refund the premium (exclusive of service tax) for the unexpired term as mentioned herein below, provided that no claim has been paid under the Policy by or on behalf of any Insured Person: Refund % Policy Term Timing of Cancellation 1 1.5 2 2.5 3 3.5 4 4.5 5 Upto 30 days 75.0 % 80.0 % 85.0 % 87.5 % 90.0 % 92.5% 92.5% 95.0% 95.0% 31 to 90 days 50.0 % 65.0 % 70.0 % 75.0 % 80.0 % 85.0% 87.5% 87.5% 87.5% 3 to 6 months 25.0 % 50.0 % 60.0 % 65.0 % 67.5 % 70.0% 75.0% 75.0% 75.0% 6 to 12 months 0.0% 25.0 % 40.0 % 45.0 % 50.0 % 55.0% 60.0% 65.0% 65.0% 12 to 18 months 0.0% 15.0 % 30.0 % 37.5 % 45.0% 47.5% 50.0% 55.0% 18 to 24 months 0.0% 15.0 % 25.0 % 32.5% 37.5% 42.5% 47.5% 24 to 30 months 0.0% 12.5 % 20.0% 25.0% 35.0% 40.0% 30 to 36 months 0.0% 10.0% 17.5% 25.0% 32.5% 36 to 42 months 0.0 % 10.0 % 17.5 % 27.5 % 42 to 48 months 0.0% 12.5 % 20.0 % 48 to 54 months 0.0% 10.0 % 54 to 60 months 0.0%
Cancellation by Policyholder/ Insured Person. Policyholder/ Insured Person may terminate this Policy by giving 30 days prior written notice to the Company. The Company shall cancel the Policy for the balance of the Policy/Coverage Period and refund the premium (exclusive of service tax) for the unexpired term as mentioned herein below, provided that no claim has been made under the Policy by or on behalf of any Insured Person: Policy in-force up to Policy Term 1 year Policy Term 2 years Refund Premium (%) Refund Premium (%) Up to 90 days 100% 100% 91 to 365 days Pro-rata refund basis the number of days left in policy term Pro-rata refund basis the number of days left in policy term 366 to 455 days Not applicable 25% 456 to 545 days Not applicable 12% Exceeding 545 days Not applicable 0%
