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Refund cancelation of policy varies based on type of cover, number of utilised period and insurance/takaful operator. However, we have summarised the generic guidelines for refund of Travel, Health and Car policies.
Refund policies for health insurance vary depending on the insurance carrier:
1. Free-Look Period: If the designated insurance company offers a Free-Look Period (the specific duration varies by carrier), customers can cancel their policy within this window to receive a refund of their paid premium, subject to the carrier's terms.
2. No Free-Look Period: For policies or carriers that do not offer a Free-Look Period, the premium paid is considered fully earned, and no refund will be issued upon cancellation.
Customers may request a refund for an issued travel insurance policy under strict conditions:
1. Eligibility & Documentation: To initiate a refund, you must provide formal documentary evidence, such as an official Visa Rejection Letter from the respective embassy.
2. Cancellation Fees – United Insurance Company (UIC): A cancellation fee of 52% of the total paid premium will be applicable.
3. Cancellation Fees – All Other Insurance Companies: A cancellation fee of 35% of the total paid premium will be applicable.
4. Important Exclusions: Refund requests cannot be processed or approved once the scheduled travel dates on the policy have commenced.
5. Processing Time: It takes up to 14 working days for the refund process to be finalized. We will keep you updated on the status of your request throughout this period.
To initiate a refund or cancellation for a car (motor) insurance policy, the following criteria must be met:
1. Written Request: The policyholder must submit a formal written cancellation request to start the process.
2. Premium Deductions: The final refund amount varies by provider. The insurance carrier will deduct all applicable government taxes, levies, and administrative fees from the refundable amount.
3. No Active Claims: There must be no active, pending, or settled insurance claims on the vehicle under the current policy term.
4. Time Limitation: The refund request must be submitted within 9 months from the original date of policy purchase. Refund requests made after 6 months are not eligible.