Your premium will be refunded on the basis of Short Period basis.
What is Short Period Refund?
Short-Period cancellation means you will receive a pro-rated refund minus a penalty. The penalty represents an administrative fee for costs incurred by the company, and is typically 5-10 percent of the pro-rated amount.

For Prorata Calculation Read herev- http://policywala.com/showthread.php...orata-premium?