15 Days Lock-In period for Health Insurance Policies

September 10, 2009

Insurance

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As of now there is no lock-in or test period for the health insurance policies. That means insurance companies once sold the policies to the customer then there is no way for the customer to cancel the policy for any reason. Insurance Regulatory and Development Authority(IRDA) feels that insurance companies misusing this and selling the policies to the customer with false statements. This step is taken in favor of the customers.

Read: What is free look period in Insurance?

As per this rules, customers will have the test period of 15 days for the health insurance policy which has the duration of three years or more. In that time if they don’t want to continue the policy, they can return it to the insurer and get their premium refunded. However the charges for health check up and any other processing fees will not be refunded. This new IRDA order will be effective from October 1,2009 for all the new policies has the duration of three years or more.

This kind of test period is already exist in the Life Insurance policy. But, not given to the Health Insurance policy holders. Also IRDA asked all the insurance companies to voluntarily give the test period to the policies less than three years too.

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3 Responses to “15 Days Lock-In period for Health Insurance Policies”

  1. Rahul Says:

    Hi! Thanks for the insightful post. I think this could help a lot of people to plan their health insurance. Have been searching for tutorials on how to plan for insurance according to my budget and needs… This tool came in handy too! Enjoy :) http://www.simpleinsurance.co.in

    Reply

  2. Vijaydhan Says:

    Hi,

    Can you email me the rules of IRDA to cancel the new car insurance policy ASAP?

    Reply

  3. Rajesh Says:

    Dear Sir

    I have paid Total Premium of Rs. 74712/- on 27th April,2013 wide
    ICICI BANK cheque number 842203 dated 27-April-2013

    I have received policy 4013/79891073/00/000 having premium amount Rs
    15197/- on 20th May 2013

    I have not received policy for balance amount, Please give policy
    number for balance premium amount Rs.59315/- These policies are
    linked to my Home Loan A/c number LBABD00001990159

    I read the sum insured and to my surprise it is totally different to
    what was aggreed ,

    apart from above
    1]Address mentioned of location of RISK is not complete and correct
    3] from date mentioned in the period of risk starting ( for content &
    Building) is wrong

    hence please advise if these policies are covered by FREE LOCKING
    PERIOD ?WHAT WILL be refund amount in case of cancellation

    Thanks & Regards
    Rajesh Patel
    M-8000142474

    Reply

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