REFUND POLICY

Neither the Company nor the Insured may terminate or bring an end to this Policy during its term as long as the Motor Vehicle license is valid.

However, the Policy may be terminated before the date of expiry on the grounds of:

  1. Cancellation of the Motor Vehicle license;
  2. Submission of a new policy due to change of the Motor Vehicle details; or
  3. Transfer of the Motor Vehicle title by virtue of a certificate issued by the concerned authority.

In this case, the Company must refund to the Insured the paid premium after deducting a portion in proportion to the period during which the policy has remained in effect according to the Short Rate Schedule set out in this Policy, provided that there are no paid claims or outstanding claims where the Insured has caused the accident.

 

Short Rate Schedule-Percentages of Recoverable Premium

Policy Validity Period

Recoverable Premium
A period not exceeding one month 80%
A period exceeding one month and not exceeding four months 70%
A period exceeding four months and not exceeding six months 50%
A period exceeding six months and not exceeding ten months 30%
A period exceeding ten months nil

This Policy shall be considered terminated in case of a total loss to the Motor Vehicle, provided that its registration is deleted with a report issued by the Road and Traffic Department confirming that it is unroadworthy, and the Company and the Insured shall remain bound by its provisions before termination