Surrender your insurance policy
If your insurance policy’s free look period (FLP) is over and you don’t wish to continue with the policy, you can surrender it. Your free look period last for 15 to 30 days from the day you receive the insurance policy. However, when you surrender it, the membership fee/ premium amount will be refunded on a pro-rata basis. If you have an insurance linked to your loan account, it will be adjusted towards the outstanding loan amount (if any). The refund will be processed within seven business days from the date of request.
If you wish to surrender your policy, you can easily do it by visiting our customer portal – My Account and raising a service request.
Raise a request to surrender your insurance policy
- Visit our customer portal by clicking on the ‘Sign-in’ button on this page.
- Sign-in with your registered mobile number and the OTP.
- Verify your details with your date of birth and proceed.
- Select ‘Insurance’ as your product and choose the policy, which you want to surrender.
- Choose ‘Insurance cancellation’ as the ‘Query type’ and ‘Cancel/ Surrender’ as the ‘Sub-query type’.
- Enter the additional details, upload the supporting documents, and submit your request.
Alternatively, you can click on the ‘Surrender your insurance policy’ option to go to My Account. Once signed-in, you can select the insurance policy, select the relevant query and sub-query, and proceed to raise a request.
Once your request is raised, our representative will connect with you within 48 business hours who will guide you on further steps.
In case you don’t wish to continue the insurance policy, you can raise a request to surrender it. All you have to sign-in to My Account. Once signed-in, select your policy from ‘My Relations’ and proceed to surrender.
Check your insurance policy
Visit our customer portal – My Account to view and update your policy details.
Frequently asked questions
Surrendering an insurance policy happens for cash needs, changing circumstances, unaffordable premiums, altered investment plans, or for better opportunities.
Surrendering an insurance policy entail terminating the coverage, receiving its accrued cash value, but forfeiting future benefits. It's a voluntary decision by the policyholder due to financial needs, changing circumstances, or better options. Surrendering may incur tax consequences and the loss of insurance protection.