Can I get a refund of my ULIP premium if I cancel my fund within the 15 day free look period?



My father has been duped by an Agent to buy an ULIP when all he wanted was a fixed deposit. He was made to invest in HDFC – Secure managed pension fund. Now the money will be stuck for 10 years. I have learnt that I can cancel the fund and get the money refund within 15 days of receipt of policy documents (15 day free look period). They say that they would refund the money within 15 days of cancelling the fund. Is it true? Can I go for this option? Would they harass me with the refund money?

4 Replies to “Can I get a refund of my ULIP premium if I cancel my fund within the 15 day free look period?”

  1. YES, OF COURSE YOU WILL GET YOUR MONEY BACK (WITHOUT ANY DEDUCTIONS) FROM THE COMPANY, PROVIDED IT IS WITHIN 15 DAYS FREELOOK PERIOD.
    SIMPLY SURRENDER THE POLICY DOCUMENT TO THE COMPANY FOR CANCELLATION , AND SPECIFY THE REASONS FOR SUCH DECISION.
    AS REGARDS THE COMPANY , IT IS A VERY RESPECTABLE COMPANY IN INDIA AND YOU WILL NOT BE HARASSED IN ANY WAY .




  2. You will be able to get a refund once your cancellation is successful within 15 days of receipt of policy documents. However, some charges may be deducted as administrative charges and mortality charges if there is a Sum Assured for those 15 days. Also medical costs may be deducted if some medical tests had been conducted.

    For further inquiries, please refer to http://myinsuranceclub.com





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