Reproducing Confused answer on the same -
Unused premium would be refunded depending upon the following circumstances -
- If the insurance cover was continuous for 12 months or more, the Premium to be refunded on pro-rata basis subject to no claim made on the policy.
- If the cover is not continuous, the Premium is to be retained on short period basis and the balance to be refunded.
- It should be noted that in the event of cancellation of cover, premium should be refunded only if there has been no claim under the policy.