Is it possible to cancel my policy? Will I get my premium back?

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Though not generally advisable, insurance policies can be cancelled at any time by letting the insurer know, in writing. The insurer may retain a portion of the premium as per the terms of the policy, or allow a refund as per their company policy. As soon as you buy the policy, if you are unhappy with the terms, you have the option to cancel it within the “free look period”, which is 15 days from the date of receipt of a policy document. This entitles you to a refund of the entire premium paid, minus the cost of medical tests where applicable.