Find about what is Double Insurance and check how to get reimbursement of premium amount which paid twice for a single Insurance Policy…
In General Insurance, insured may take 2 policies for a single product for different reasons which calls as double insurance. How to cancel one of the 2 Insurance policies and how premium may reimbursed.
- When two policies taken on the same product with same policy cover, one of the policies may cancelled. In general policy starts at later date may cancelled by the insurer.
- If any Product insured with two different offices/same office of the same insurer, then 100% refund of premium of one policy may allowed for cancellation.
- If two policies issued by two different insurers, the policy commencing later date may cancelled. This may complete by the insurer by retaining pro-rata premium and refund of premium thereon allowed.
- In some cases, due to requirements of Banks/Financial Institutions, the earlier dated policy may cancelled. Refund of premium allowed after retaining premium on short period basis. It is for the period the policy which was in force prior to cancellation.
- No refund of premium allowed for double insurance cancellation, if any claim has arisen. This may either of the policies during the period when both the policies were in operation.
- This is not applicablefor different types of insurance policies related to Life insurance. This is purely applicable for only General Insurance products.
- Above all cases Insurer will take back original policy document which may cancelled.