A cooling-off period is a period when policyholder could cancel the insurance policy with full refund of the premium and levy paid.
Bowtie provides our customers a 21-day cooling-off period. Days start counting once policy is issued. In this period, our customers may consider thoroughly whether the benefit is suitable for the insured person.
Also, they have the right to cancel the policy with full refund of premium and levy paid if:
- They should provide official notice with policyholder’s signature to Bowtie in the cooling-off period
- No benefit payment has been made, is to be made or impending.
Please note such right shall not be exercised during renewal of policy.
Also, if the policy cancellation happens after the cooling-off period, no premiums will be refunded. Such request shall be made (30) days prior with written notice to Bowtie.
Of course, you may always come to us before getting insured! With our advice, you may get the most suitable insurance products for yourself and family so policy cancellation is not needed.