How to Cancel Insurance Policy of Bajaj Finance EMI Loan

Have you ever bought any product using Bajaj Finserv via the EMI payment mode? If you have then you might be aware of the fact that when you buy a product using a Bajaj Finserv EMI network card, wherein you pay EMI every month you are sometimes charged an extra amount. So you end up paying more than required. Now you must be wondering what is this amount for? And why do we end up paying it and why is it charged? So in the majority of cases when you buy a product you are charged an amount under the insurance policy. And in most cases, people are not even aware of the fact that they have been charged with the insurance policy amount. 

This amount is not collected separately but it is added to your EMI. So if you have recently made a purchase and you are paying the EMI check if the insurance policy amount is charged on the product that you have purchased. This leads you in spending and pays more amount than required. But do not worry as you can save your money by canceling this insurance policy. 

So you will not end up paying more which will result in saving money. So if you are charged with this insurance policy amount and you want to cancel the insurance policy then this article is for you. We will be discussing the detailed step-by-step process to cancel the insurance policy. So make sure to read this article till the very end and follow the steps mentioned below.

How to Cancel Insurance Policy Bajaj Finance EMI Loan

The different ways and methods through which you can cancel your insurance policy!

This insurance policy can be canceled by using three methods. The first way of canceling this insurance policy is by writing an official mail to Bajaj Finserv. The second way to cancel this insurance policy is by visiting the nearest branch of Bajaj Finserv. So visit the nearest branch and write an official letter and submit it. This process will be done in person. But there have been situations in which the employees do not process your application. And at times this application might not be processed for many months. So since the application is not processed you will continue to pay the extra charges. 

Now the other alternative solution to this problem is to cancel this insurance policy online. So you have to go on Bajaj Finserv’s customer portal and file a complaint. Then once your complaint is registered you will receive a call from Bajaj Finserv. The employee will call you and you will be asked questions regarding the reason behind the cancellation of the insurance policy. Once the process is completed your insurance policy will get canceled and you will not have to pay any sort of extra charges in the future. 

Canceling your Insurance Policy via Mail

Firstly, let us go through the process of writing an official mail to Bajaj Finserv for cancelling the insurance policy. 

Subject – Regarding Insurance Policy cancellation

Mail Format – 

I am writing to inform you that I have recently taken a consumer loan [loan number] with Bajaj Finance worth rupees 25,000 on 1 January 2023 with Liv care Lite V1 insurance policy worth rupees 999 [insurance policy number]. I want to cancel this policy.

Please process the cancellation and send me a confirmation as soon as possible. I would also appreciate receiving any information on how to receive any applicable refunds or credits.

Thank you for your attention to this matter.

Sincerely,

[Your Name]

Bajaj Finserv’s customer care E-mail Address – [email protected]

Once you sent this mail to the official mail ID of Bajaj Finserv’s customer care you will receive a reply or they will respond within the next 48 hours. (In some cases it might take a longer time for them to reply or revert back) So once they revert back and process your cancellation you will receive the full refund for the extra amount that you had paid under the insurance policy.

This is how you can cancel your insurance policy via writing an official mail to Bajaj Finserv. But if you do not know how to get the details of your loan and insurance policy do not worry. We have broken down the steps as to how you can find your ongoing loan number and your insurance number. So if you want to cancel the insurance policy via mail but you are having trouble finding your insurance number and loan number then do not worry. All you have to do is follow the steps given below to find the details of your insurance policy and loan. 

How to find Bajaj Finserv Loan Number & Insurance Policy Number?

Here are the steps to find your insurance policy number and your loan number –

1. Download the official mobile application of Bajaj Finserv on your phone if you haven’t already via PlayStore or AppStore depending on the device that you use.
2. Then log in to the app by using your registered mobile number.
3. Once you log in you will be automatically redirected to the dashboard. 
4. Now click on the ‘Account’ option.
5. You will now be able to see all the details of your loan and all the details of your EMI as well. 
6. Now copy the number of the insurance policy and the number of your ongoing loan as well. 
7. Now just paste these two numbers that are your insurance policy number and your ongoing loan number in the mail.

Canceling Bajaj Finance Insurance Policy through Customer Care

Canceling the Insurance Policy through Customer Care by placing a phone call.

The next method through which you can cancel your insurance policy is by filing a complaint on the official customer portal of Bajaj Finserv. So you have to place a call on the official number of Bajaj Finserv. The Bajaj Finserv customer care number is 8698010101. So you have to place a call on this number. Now you will have to tell the respective person to cancel your insurance policy as it is just an unnecessary charge that is added to your EMI. They will then ask you the reason behind the cancellation of the insurance policy. Then once you tell the reason, you will then be asked to tell your loan number and your insurance policy number. 

So make sure that you carefully tell the right and exact insurance number and loan number. We have mentioned where you will find the details of your loan including your insurance policy number and loan number as well. So follow the steps above to find your insurance number and loan number. Note down these two numbers carefully. So now they will process your insurance policy cancellation. 

Free Loop period & Surrender Policy

Note that the first 30 days of your insurance policy is called the ‘Free loop’ period. So if you cancel your insurance within 30 days which is within the free loop period then your full premium amount will be refunded. And if you wish to cancel your insurance policy after 30 days that is after the free loop period then that is called ‘Surrendering your insurance policy’. In this case, the refund amount will be calculated based on a few factors and the refund will be processed accordingly. You will receive the refund amount within a period of the next 10 days. 

So we have mentioned everything that you have to know regarding the cancellation of the insurance policy. So choose the method you want and the one that is most convenient to you and just make sure that you follow the step-by-step process mentioned above and you will be able to successfully cancel the insurance policy without having to face any obstacles!