Following are the references to the cancellation and refund clauses as provided under different Life and Health Products issued by HDFC International Life and Re Company Limited, IFSC Branch:

1. US Dollar Global Education Plan / Global Wealth Advantage Plan / Global Wealth Advantage Flexi Plan / Global Wealth Advantage Nova Plan

Cancellation:

• Cancellation by the Insurer:
• First 30 days of the contract: Written notice to the Policyholder.
• After 30 days: The insurer may only cancel if there is an aggravation of risk, or if the premium has not been paid. Written notice to the insured.
• Cancellation by the insurer (ab initio) - Nulfication only possible if the Policyholder misrepresents or conceals facts that influence the insurer's decision to cover the risk. The premium collected is refunded after levying applicable penalties.
• Cancellation by the insured: Written notice to the insurer. Applicable penalties levied by the insurer.

Look-in Cancellation:

In case you do not accept any of the terms and conditions stated in the Policy, you have the option to return the Policy to us for cancellation stating the reasons thereof, in the time period stipulated as per the policy terms and conditions. On receipt of your letter/email along with the Policy, and provided there are no claims made during this period, premium paid by the policyholder will be refunded subject to deduction of the expenses incurred by the Company and will include a deduction of the proportionate risk premium for period on cover.

Post Look-in Cancellation:

The Policy may be Surrendered any time post the look-in period. The Strategy Value, after deducting any applicable Surrender charges (if any), will be payable to the Policyholder. The Policy will be terminated, and no further benefits will be available from the date of receipt of the Surrender request.

Age Admitted:

The Company has calculated the Premium under the Policy on the basis of the age of the Policyholder as declared in the Proposal. In case proof of age of the Policyholder has not been provided with the Proposal, you will be required to furnish such proof of age of the Policyholder as is acceptable to us and have the age admitted. In the event the age so admitted (“Correct Age”) during the Policy Term is found to be different from the age declared in the Proposal, without prejudice to our rights and remedies including those, we shall take one of the following actions:

• If eligible, and if the Correct Age is found to be higher, the benefit payable under this Policy, Rider, if any, shall be after deduction of such difference of Premium (i.e, difference in Premium paid based on age declared in the Proposal and Premium based on the Correct Age) along with interest thereon. In such cases, before calculating the amount of benefit payable, the Policy shall be subject to re-underwriting and the Sum Assured shall be subject to eligibility as per underwriting norms and the Premium to be deducted shall be calculated proportionately on such Sum Assured payable. If the Correct Age is found to be lower, excess Premium without any interest shall be refunded.
• If ineligible for the Policy basis the Correct Age, the Policy shall be void-ab-initio and the total Premium paid shall be refunded without interest after deducting any payment already paid to you during the Policy Term and all applicable charges such as the expenses incurred by us for underwriting, medical, charges, administration, duties, taxes including adjustment against premiums paid in so far among others.

2. Global Student Health Care / Insignia Global Health

Cancellation:

• Cancellation by the Insurer:
• First 30 days of the contract: Written notice to the Policyholder.
• After 30 days: The insurer may only cancel if there is an aggravation of risk, or if the premium has not been paid. Written notice to the insured.
• Cancellation by the insurer (ab initio) - Nulfication only possible if the Policyholder misrepresents or conceals facts that influence the insurer's decision to cover the risk. The premium collected is refunded after levying applicable penalties.
• Cancellation by the insured: Written notice to the insurer. Applicable penalties levied by the insurer.

Look-in Cancellation:

In case you do not accept any of the terms and conditions stated in the Policy, you have the option to return the Policy to us for cancellation stating the reasons thereof, in the time period stipulated as per the policy terms and conditions. On receipt of your letter/email along with the Policy, and provided there are no claims made during this period, premium paid by the policyholder will be refunded subject to deduction of the expenses incurred by the Company and will include a deduction of the proportionate risk premium for period on cover.

Post Look-in Cancellation:

If policy is surrendered after the “cooling-off’’ period, no refund will be made under any circumstances.

Age Admitted:

The Company has calculated the Premium under the Policy on the basis of the age of the Policyholder as declared in the Proposal. In case proof of age of the Policyholder has not been provided with the Proposal, you will be required to furnish such proof of age of the Policyholder as is acceptable to us and have the age admitted. In the event the age so admitted (“Correct Age”) during the Policy Term is found to be different from the age declared in the Proposal, without prejudice to our rights and remedies including those, we shall take one of the following actions:

• If eligible, and if the Correct Age is found to be higher, the benefit payable under this Policy, Rider, if any, shall be after deduction of such difference of Premium (i.e, difference in Premium paid based on age declared in the Proposal and Premium based on the Correct Age) along with interest thereon. In such cases, before calculating the amount of benefit payable, the Policy shall be subject to re-underwriting and the Sum Assured shall be subject to eligibility as per underwriting norms and the Premium to be deducted shall be calculated proportionately on such Sum Assured payable. If the Correct Age is found to be lower, excess Premium without any interest shall be refunded.
• If ineligible for the Policy basis the Correct Age, the Policy shall be void-ab-initio and the total Premium paid shall be refunded without interest after deducting any payment already paid to you during the Policy Term and all applicable charges such as the expenses incurred by us for underwriting, medical, charges, administration, duties, taxes including adjustment against premiums paid in so far among others.

3. Universal Term Plan (UNITI)

Cancellation:

• Cancellation by the Insurer:
• First 30 days of the contract: Written notice to the Policyholder.
• After 30 days: The insurer may only cancel if there is an aggravation of risk, or if the premium has not been paid. Written notice to the insured.
• Cancellation by the insurer (ab initio) - Nulfication only possible if the Policyholder misrepresents or conceals facts that influence the insurer's decision to cover the risk. The premium collected is refunded after levying applicable penalties.
• Cancellation by the insured: Written notice to the insurer. Applicable penalties levied by the insurer.

Look-in Cancellation:

In case you do not accept any of the terms and conditions stated in the Policy, you have the option to return the Policy to us for cancellation stating the reasons thereof, in the time period stipulated as per the policy terms and conditions. On receipt of your letter/email along with the Policy, and provided there are no claims made during this period, premium paid by the policyholder will be refunded subject to deduction of the expenses incurred by the Company and will include a deduction of the proportionate risk premium for period on cover.

Post Look-in Cancellation:

Surrender Value (SV) gets acquired immediately upon payment of premium in case of Single Pay and upon payment of premiums for at least 2 years in case of Limited Pay. In all other cases including Regular Pay, the policy lapses on premium discontinuance without any value.

Surrender Value (if acquired) shall be payable

If the policyholder chooses to surrender the policy during the policy term for Single Pay or Limited Pay policies, or

Upon death of the life assured during revival period, or

At the end of the revival period if the policy is not revived

The amount payable will be as below: SV Factor% × Total Premiums Paid (excluding Rider Premium and any taxes) × Unexpired Policy Term ÷ Original Policy Term

Where, SV Factor% is as follows:

Unexpired Policy Term shall be calculated on the earlier of date of surrender and the date till which premiums have been paid.