Thanks Lethal. But as per Royal Sundram website FAQs -
In case I don't want the policy anymore, can I get it cancelled?
You can get your policy cancelled only if you have not undertaken the journey and you produce your passport as a proof that the journey has not been undertaken. Any such request of cancellation will be entertained up to 14 days after the first date of insurance as indicated in the schedule of the policy. In case of cancellation of your policy, Rs. 250 will be deducted as administration charges, from the refundable amount.

So I need to submit the passport.