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Life insurance plans are considered one of the safest financial products as they provide a death benefit in case of your unfortunate death during the policy term or a maturity benefit if you outlive the policy tenure. They are also a great way to save on yearly taxes and create wealth to beat inflation. Most of the plans provide their customers with the option to cancel their policy at any time but there are also certain conditions under which the insurer can cancel your policy. In this article, we will see if your life insurance can be canceled because of illness by your company.
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Here is a list of all the reasons for which the insurance company can cancel your life insurance policy
If you fail to pay the premiums within the grace period
The grace period is the additional period provided after the end of the premium due date during which you can pay your premiums without worrying about policy lapse. If you fail to pay your due premium even after the end of the grace period your policy will be canceled and you will not be eligible to receive any policy benefits.
Providing Inaccurate information while filling out the application form
Lying about personal details can get your life insurance canceled as it violates the ‘utmost good faith’ factor of the contract. If you misstate or lie about an existing health condition or medical history while filling out the policy form the insurer can cancel your life insurance policy.
Term Plans
No, the life insurer cannot cancel your life insurance policy for an illness diagnosed or that occurred after the policy purchase. The company cannot cancel your plan even if you have started unhealthy habits like smoking or drinking, have suffered a personal injury, or have other medical issues that have been discovered during the policy term.
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Here is how you can cancel your life insurance plan
If you want to cancel your life insurance plan you have to contact the insurer and express your wish to terminate the policy.
The insurance provider will offer other alternative solutions to you for you to weigh your options.
If you still want to cancel your life insurance you can download the company’s cancellation form from the company’s website or branch office.
Fill out the required details, attach the required documents, and submit the form to initiate the cancellation process.
Life insurance companies in India provide policyholders the option of canceling their life insurance policy within the free-look period and receiving the entire premium paid back at the end. However, your life insurance policy can be canceled because of illness by the insurer if the information provided by you at the time of policy purchase is found to be inaccurate or misleading. Make sure to provide the correct information at the time of buying the life insurance plan to avoid any future inconvenience.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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