Postclic unlimited subscription: promo at Rs 92,44 for 48h with a mandatory first month at Rs 5.032,79, then Rs 5.032,79 per month without commitment
Cancel POLICYBAZAAR
in 30 seconds only!
Cancellation service #1 in Nigeria
4.9Calculated on 5.6K reviews
I hereby notify you of my decision to terminate the contract relating to the Policybazaar service.
This notification constitutes a firm, clear and unequivocal intention to cancel the contract, effective at the earliest possible date or in accordance with the applicable contractual period.
Please take all necessary measures to:
– cease all billing from the effective date of cancellation;
– confirm in writing the proper processing of this request;
– and, if applicable, send me the final statement or balance confirmation.
This cancellation is addressed to you by certified e-mail. The sending, timestamping and content integrity are established, making it a probative document meeting electronic proof requirements. You therefore have all the necessary elements to proceed with regular processing of this cancellation, in accordance with applicable principles regarding written notification and contractual freedom.
In accordance with personal data protection rules, I also request:
– deletion of all my data not necessary for your legal or accounting obligations;
– closure of any associated personal account;
– and confirmation of actual data deletion according to applicable privacy rights.
I retain a complete copy of this notification as well as proof of sending.
Important warning regarding service limitations
In the interest of transparency and prevention, it is essential to recall the inherent limitations of any dematerialized sending service, even when timestamped, tracked and certified. Guarantees relate to sending and technical proof, but never to the recipient's behavior, diligence or decisions.
Please note, Postclic cannot:
- guarantee that the recipient receives, opens or becomes aware of your e-mail.
- guarantee that the recipient processes, accepts or executes your request.
- guarantee the accuracy or completeness of content written by the user.
- guarantee the validity of an incorrect or outdated address.
- prevent the recipient from contesting the legal scope of the mail.
Cancellation Policybazaar: Easy Method
What is Policybazaar
Overview
Policybazaar is an Indian online insurance marketplace that lets users compare, buy and manage insurance policies from multiple insurers through a single platform.
The site and mobile app act as an intermediary: Policybazaar facilitates purchase and service requests while the issuing insurer remains responsible for policy administration and refunds.
Role in cancellations
Policybazaar can accept and forward cancellation requests raised via its website, mobile app, or email and guide customers through the process.
Actual cancellation processing, surrender payouts and refunds are handled by the insurer under IRDAI rules.
How to cancel Policybazaar
Cancel during the free-look period (online/app)
- Sign in to My Account on the Policybazaar website or mobile app.
- Locate the policy, choose the cancellation/termination option and submit the request with reason.
- Alternatively, email care@policybazaar.com with your policy details, cancellation request and reason.
Cancel after the free-look period (surrender)
- If the free-look period is over, contact the insurer directly - surrender often requires visiting the insurer's branch or submitting their surrender form.
- Investment-linked life plans may have lock-in periods (typically 3 - 5 years) and additional checks; Policybazaar can assist in raising the request but insurer processes it.
What happens when you cancel
Policy status and access
Once cancellation is initiated, the policy status is changed to "cancelled" or "surrendered" depending on insurer procedure and timing.
Access to policy documents in your Policybazaar account may remain for records, but coverage and benefits stop as per insurer effective date.
Renewal and data handling
Cancellations stop future renewals and premium debits; do not assume automatic replacement coverage unless you purchase a new policy.
Policybazaar and the insurer retain transaction records as required by regulation; request copies if needed for dispute resolution.
Will I get a refund?
Refunds during the free-look period
- IRDAI rules (effective 1 Apr 2024) provide a 30-day free-look for life and health policies from receipt of policy documents; refunds are available on valid cancellations.
- Insurers must process refunds within 7 days, after deducting proportionate risk premium, stamp duty and medical test charges.
- If refund is delayed beyond 7 days, interest may be payable at bank rate + 2% as per IRDAI master circular.
Refunds after free-look (surrender) and exceptions
- After free-look, surrender values (if any) depend on policy type; investment plans may have lock-in periods and specific surrender calculations.
- Deductions can include taxes, medical exam fees, admin charges and proportional premiums; Policybazaar facilitates the request but the insurer determines final amount.
- There is no separate cancellation pathway for App Store vs Google Play purchases; the process is the same via web/app dashboard or email.
Policybazaar plans and pricing
Indicative plans
| Plan | Price | Period | Features |
|---|---|---|---|
| Term Life Insurance (1 Crore Cover, 18-year-old male, non-smoker) | ₹487.00 | Monthly | Life cover of ₹1 Crore, cover up to 38 years of age, online discount up to 15%, dedicated claim support |
| Health Insurance (₹5 Lakh, 30-year-old male & 29-year-old female, Delhi) | ₹400.00 | Monthly | Indicative starting price for individual/family health plan |
| Health Insurance (₹1 Crore, 30-year-old male & 29-year-old female, Delhi) | ₹762.00 | Monthly | Indicative starting price for high sum‑insured health plan |
| Term Insurance (generic listing) | ₹473.00 | Monthly | Term plan starting from this rate (sum insured unspecified) |
Price notes
Prices shown are indicative starting premiums for specific user profiles and sum insured levels on Policybazaar's platform.
Actual premiums vary by age, location, health, policy term and insurer underwriting.
Your consumer rights in India
Free-look and refund rights
You have the right to cancel a life or health policy within 30 days of receiving documents and obtain a refund minus permissible deductions.
Insurers must refund within 7 days; late refunds may attract interest at bank rate + 2%.
Escalation and grievance redressal
If refunds are delayed or you face mis‑selling or harassment, you can lodge complaints with the insurer, IRDAI Grievance Redressal Cell or the Insurance Ombudsman.
Consumer court options are also available for unresolved disputes under Indian consumer and insurance law.
Customer experiences
Positive feedback
- Customers often praise relationship managers and claim guidance for smooth support in many Trustpilot-style reviews.
- Some users report proactive follow-up and easy claim assistance when working with Policybazaar representatives.
Common complaints
- Reports of delayed or missing refunds despite cancellation requests, including repeated follow-ups without resolution.
- Complaints about persistent onboarding or sales calls, claim delays, denial due to alleged pre‑existing conditions, and occasional account/visibility issues.
Documentation checklist
For free-look cancellation
- Policy document or policy number (soft or hard copy).
- Proof of identity (Aadhaar, PAN, passport or other government ID).
- Bank account details for refund (cancelled cheque or bank statement).
- Written cancellation request with reason; email to care@policybazaar.com if using Policybazaar channel.
For surrender after free-look
- Completed surrender form as required by the insurer.
- Original policy bond and policy documents (if issued physically).
- Medical reports (if requested) and any creditor or assignment documents if policy had liens.
- Identity and address proof, PAN and cancelled cheque for payout.
Common mistakes
Mistakes during cancellation
Not submitting a written request or not capturing the cancellation acknowledgement can delay processing and refunds.
Relying solely on a verbal communication or a call without following up in writing may lead to disputes.
Mistakes affecting refunds
Missing or incorrect bank details cause payout delays; always double‑check account numbers and IFSC codes.
Assuming full refund without accounting for proportionate premiums, taxes and medical fees leads to incorrect expectations.
Comparative recap
Quick comparison overview
| Aspect | Within Free-look | After Free-look |
|---|---|---|
| How to cancel | Via Policybazaar My Account or email care@policybazaar.com; insurer processes refund. | Raise surrender with the insurer (may require branch visit); Policybazaar can assist in raising request. |
| Refund timeline | Insurer must refund within 7 days (subject to deductions). | Surrender processing time varies by insurer; no fixed 7‑day rule for surrender values. |
| Deductions and conditions | Proportionate risk premium, stamp duty, medical exam charges may be deducted. | Surrender values, lock-in periods (3 - 5 years for investment plans) and other deductions apply. |
| Escalation | If delay, escalate to insurer grievance cell, then IRDAI or Insurance Ombudsman. | Same escalation path; consider consumer court for unresolved disputes. |
How to use this recap
Use the table to decide whether to cancel within free-look for a faster refund or to prepare for a longer surrender process after that period.
Keep documentation ready and note that Policybazaar helps submit requests but insurers determine final outcomes.
After cancelling
Next steps for the consumer
Retain all acknowledgements, policy documents and email threads until refund is credited and matter is fully closed.
Monitor your bank account and request written confirmation from the insurer of the final settlement amount and deductions.
When to escalate
If refund is not received within 7 days after an approved free-look cancellation, escalate to the insurer grievance cell and IRDAI grievance mechanisms.
For harassment, mis‑selling or persistent non‑resolution, consider filing a complaint with the Insurance Ombudsman or consumer forum.
Address
Corporate address
Plot No. 119, Sector 44, Gurugram, Haryana 122001, India
Contact note
Policybazaar customer support can be reached via the Policybazaar website or by emailing care@policybazaar.com for cancellation assistance and queries.