REFUND AND CANCELLATION POLICY

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

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, within 30 days from the date of issuance of the Policy. On receipt of your letter/email along with the Policy, we shall arrange to refund the Strategy Value at the time of cancellation subject to deduction of the expenses incurred by us for underwriting, medical, administration, duties, taxes including adjustment against premiums paid in so far among others.

Cancellation

1. Cancellation by the Insurer:
2. First 30 days of the contract: Written notice to the Policyholder.
3. 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.
4. Cancellation by the insurer (ab initio) - Nullification 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.
5. Cancellation by the insured: Written notice to the insurer. Applicable penalties levied by the insurer.

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:

1. 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.
2. 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

Cancellation in the Look-in Period

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, within 30 days from the date of issuance of the Policy. 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 may include a deduction of the proportionate risk premium for period on cover.

In case of the Contract cancellation by the Policyholder prior to the Policy Period commencement or within the Cooling-off Period, the Insurer shall refund to the Policyholder 100 % of the paid Insurance Premium within 20 business days from the date when the Policyholder's cancellation notice was received by the Insurer (save for the exceptions foreseen below* and/or elsewhere in the Contract).

*If the Certificate is cancelled by the Policyholder after the Insured Person received some Medical Treatment or assistance covered by the Contract, then no Insurance Premium refund is available under the Contract.

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:

1. 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.
2. 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. US Dollar Group Credit Life Plan

Cancellation in the Freelook Period

1. By Master Policy Holder:
2. The period will be 30 days from the date of receipt of the letter along with Master Policy Document
3. In case you, the Master Policyholder, are not satisfied with the terms and conditions specified in the Master Policy Document, you have the option of returning the Master Policy Document to us stating the reasons thereof, within 15 days from the date of receipt of the Master Policy Document,

• On receipt of the letter along with the Master Policy Document, we shall arrange to refund the premium paid by you, subject to deduction of the proportionate risk premium for period on cover plus the expenses incurred by us on stamp duty (if any)

1. By Scheme Member:
2. In case the Member is not satisfied with the terms and conditions specified in the Certificate of Insurance, he/she has the option of returning the Certificate of Insurance to us stating the reasons thereof, within 30 days from the date of receipt of the Certificate of Insurance.
3. On receipt of the letter along with the Certificate of Insurance, we shall arrange to refund the premium, subject to deduction of the proportionate risk premium for period on cover plus the expenses incurred by us on stamp duty (if any)

For administrative purposes, all Free-Look requests should be registered by the Master Policy Holder, on behalf of Scheme Member.

4. US Dollar Group Term Life Plan

Free Look Cancellation

In case the Master Policyholder is not agreeable to any of the provisions stated in the Policy, the Master Policyholder has an option to return the Policy to the Insurer stating the reasons thereof, within 15 days from the date of receipt of the Policy. On receipt of your letter along with the original Policy document, we shall arrange to refund the Premium received less applicable statutory deductions. A Policy once returned shall not be revived, reinstated or restored at any point of time and a new proposal will have to be made for a new Policy.