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Yes, the insured can cancel the policy at any time. In such a case, the company shall allow a refund of premium at company’s short period rate(given below provided no claim has occurred during the policy period up to cancellation.
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Period of cover up to | Rate of premium to be charged | |
| 1 month | ¼ of the annual rate | ||
| 3 months | ½ of the annual rate | ||
| 6 months | ¾ of the annual rate | ||
| More than 6 months | Full annual rate | ||