sir,
I had taken a bank home loan in the past and the bank added a fire and perils general insurance policy to it.i recently paid off the loan and want to get the above general insurance cancelled so that i could get a refund on the premium.please note the loan is taken for 25 years and i paid it in 6 yrs..so a premium refund on pro rate basis for around 20 yrs is expected as refund if i cancel it.
but the insurance company,which is a nationalized one,is asking for valid reason to cancel it. per my understanding on IRDA rules,both insurance company and I have the freedom to cancel it at will and i understand there is some penalty involved if I initiate the cancellation. ..and so what sort a valid reason is expected here and how to get this resolved amicably?
