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Cancel your insurance policy
When you choose any insurance policy, a pre-fixed time is provided to you for policy evaluation. This period is called a free look period. It’s usually 15 to 30 days and it starts on the day you receive the insurance policy. This period allows you to evaluate the policy’s terms and conditions and its benefits. If during this period, you decide not to go ahead with the policy, you can cancel it. A refund of your premium shall be processed as per the applicable procedure followed by the insurer.
In case you wish to cancel your insurance policy, you can visit our service portal and do it with ease.
How to Cancel Your Bajaj Finance Insurance Policy Online – Step-by-Step
- Click on the ‘Sign-in’ button on this page
- Enter the registered mobile number and submit the OTP
- Verify your details by entering your date of birth and proceed.
- Go to ‘Service’ and click on ‘Relations’
- Select your insurance policy number
- Click on the ‘Cancel Policy’ option
- Select a reason for your cancellation and click on ‘Cancel Policy’ to proceed submit your request.
Alternatively, you can click on the ‘Cancel your insurance policy’ option to go to our service portal. Once signed-in, you can select the insurance policy from ‘Relations’. Click on the ‘Cancel Policy’ option from the ‘Quick Actions’ and proceed.
Once your request is raised, your insurance cancellation will be processed in 72 hours. In case a refund is applicable, it will be credited to your bank within 3-4 business days.
If your policy is within the free look period and you do not wish to continue with it, you can raise a request to cancel your insurance policy. All you have to do is sign-in to My Account, select your policy from My Relations and proceed with policy cancellation.
Related Insurance, Banking and Financial Service Guides
Frequently Asked Questions
Cancellation Process
Refunds & Premiums
Policy Terms & Support
How do I cancel my insurance policy on Bajaj Finance online?
You can cancel your insurance policy online through the Bajaj Finance customer portal or app. Sign in using your registered details, select your insurance policy, and raise a cancellation request. Submit the required information and documents if needed. Your request will be processed as per the policy terms.
What is the Free Look Period for Bajaj Finance insurance?
The Free Look Period is the time given to review your insurance policy after purchase. During this period, you can check the benefits, coverage, and conditions. If you are not satisfied, you may request cancellation, and any eligible refund will be processed as per the insurer’s rules.
Can I cancel my Bajaj Finance insurance policy if I have an active loan?
You may be able to cancel your Bajaj Finance insurance policy even if you have an active loan, depending on the policy terms. If the insurance is linked to your loan, the cancellation process or refund adjustment may differ. Check your policy details before submitting a cancellation request.
How long does it take to get a refund of the premium amount after cancelling my insurance policy?
The membership fee/premium amount will be refunded to your registered bank account within 3-4 business days. However, if you have taken any loan from Bajaj Finance, your premium amount will be adjusted towards the outstanding loan amount.
If you surrender your policy after its Free Look Period (FLP) is over, the membership fee/premium amount will be refunded on a pro-rata basis. It can also be adjusted towards your outstanding loan amount within 3-4 business days from the date of the request raised (if any).
How can I receive a refund of the premium amount after cancelling my insurance policy?
A refund (if applicable) will be made to your transaction source as per bank details registered with us. For example, if you paid through your registered bank account, the refund will be credited to the same source.
In case you have taken any loan from Bajaj Finance Ltd., the premium amount will be adjusted towards your outstanding loan amount if any.
Will I receive a full refund after cancelling my insurance policy?
Not usually a full refund, unless you cancel within the free look period, typically 30 days from receiving your policy. Cancelling later, through surrender, generally returns only the surrender value, which may be lower than the total premiums you have paid, minus applicable deductions and charges.
What is the difference between insurance surrender and insurance cancellation?
An insurance policy can be cancelled only within the Free Look Period (FLP). As for ‘Insurance Surrender’, some life insurance and health insurance policies may acquire a surrender value once the Free Look Period is over.
Once surrendered, you will receive the surrender value as per the policy terms and conditions but would no longer enjoy the benefits associated with the policy.
What documents are required to cancel an insurance policy?
You will typically need your original policy document, valid identity proof such as Aadhaar or PAN, your bank account details for the refund, and a signed cancellation or surrender request form. Exact requirements can vary by insurer, so confirm the specific list directly with them beforehand.
How can I check the status of my insurance cancellation request?
After submitting your cancellation request, you receive a reference number. Track its progress through the insurer's or Bajaj Finance customer portal or app, or contact customer support directly, quoting your reference number and full policy details, for an update on your exact current request status.
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