How to Cancel Your Insurance Policy Easily – Understand It Now to Avoid Losses

How to cancel an insurance policy (Doc. Ist)

Printable.biz.id – An insurance policy is an agreement between the policyholder (the insured) and the insurance company (the insurer). Here, policyholders can request to cancel their insurance policy.

However, policyholders must wait for 14 days before submitting a cancellation request. In addition, they must provide a reason for the cancellation. Meanwhile, the insurance company will return the premium that has been paid.

How to Cancel an Insurance Policy Easily

In general, the refunded premium will be reduced by the cancellation fee, as per the agreement. If you wish to cancel your insurance policy, follow these steps:

1. Contact the Insurance Provider

The first step is to contact the insurance company and provide necessary documents, including personal identification and insurance details. Ensure all data is complete so the cancellation process can proceed smoothly.

2. Explain the Reason for Cancellation

You must provide a reason for canceling the policy. This allows the company to offer the best possible solution instead of immediate cancellation. Canceling a policy may reduce the amount of the premium refunded.

3. Fill Out the Insurance Cancellation Form and Understand Its Contents

Similar to when you signed up, canceling insurance requires you to complete a form. Be sure to carefully read and understand the contents. If anything is unclear, don't hesitate to ask the insurance company for clarification.

4. Contact the Bank

Next, you should contact the bank that manages the premium payments. Inform them of your reason for canceling the insurance policy.

5. Wait for Approval

After waiting for 14 days, you will receive confirmation regarding your policy cancellation. If approved, the insurance company will provide instructions on the next steps. However, each company has different policies.

Some companies may refund a portion of the premium, while others may not provide any refund at all. Therefore, carefully consider your decision before canceling your insurance policy.