An individual purchases insurance policies in order to secure some specific aspects of his life. But in the corporate sector, a company serves the customer as longs as it gets profits. If any customer does not follow the norms given by the company, then the latter will cease to continue the partnership, hence resulting at the end of the insurance policy. It is, therefore, necessary that the customer sticks to all the rules to avoid any termination of insurance. This type of letter is written by the company to its customers.
A proper notice must be sent by the company officials to the customer to make him aware of the proceedings. This kind of letter is usually formal in nature since it associates an individual with the professional world. Through this letter, the customer is informed of the reason for his insurance’s termination. Since it is written on the professional front, it is advisable not to include any personal details. A termination letter is thus written to achieve this
Termination Letter of Insurance Writing Tips
- Being an official notice, the letter must be formal and brief.
- Personal thoughts about the situation should be held back while writing the letter.
- The customer should get a clear idea of the reason for the termination.
- The date of the truncation should be mentioned to help the customer plan for the future.
Termination Letter of Insurance Template
Use our free Termination Letter of Insurance to help you get started. If you need additional help or more examples check out some of the sample letters below.
From,
__________
__________
__________
Date: ________ (date of writing the letter)
To,
__________
__________
__________
Subject: Regarding the termination of your policy _______________ (policy number if any)
Dear _____________ (name of customer),
This is written with reference to the notices sent to you by our ____________ (official concerned), ________________ (date concerned) about the timely payment of the premiums of the policy __________________ (policy description) and your lack of interest in doing the same.
According to our company’s regulations and norms we have decided to terminate the policy under Clause 6 of our customer services agenda within _________________ (date of termination). The clearing of the mutual dues remaining will be carried out on the mentioned date, and we will be relieved of our duty to serve you. We hope this will be treated with the urgency it deserves.
Thank you.
With regard,
Name and Signature
Sample Letter
From,
36D, M G Road
ABC Technologies Ltd,
Bandra East, Mumbai.
Date: ________ (date of writing the letter)
To,
302, J C Road,
Burdwan Compound,
Lalpur, Ranchi,
Jharkhand.
Subject: Regarding the termination of your Policy no. 54862
Dear Mr.John,
This is to inform you about the notices sent to you by our Chief Marketing Officer, dated XYZ about the timely payment of the premiums of the Policy no. 123456 and your lack of interest in doing the same.
According to our company’s norms, we have decided to terminate the policy under Clause 6 of our customer services agenda within PQR. The clearing of the mutual dues remaining will be carried out on the mentioned date, and we will be relieved of our duty to serve you. We hope this will be treated with the urgency it deserves.
Thank you
With regard,
Name and Signature
Email Format
The following is the Email format that should be followed while writing a Termination Letter of Insurance letter.
To: name@email.com
From: name@email.com
SUBJECT: Termination Letter of Insurance.
Dear Mr. Sloan,
It is with regret that I have to inform you that your policy # 10298, taken in the year 2006 has been terminated.
We had sent repeated requests for you to deposit your monthly premiums on time. Kindly refer to our letters sent on 2nd February, 4th March, 4th April and 6th May. The payments were not honored.
We have had no feedback from you since January. Since it is our company’s policy to terminate the insurance claims of such persons who do not pay premiums for more than four months, we are informing you of the same.
Thank you.
Yours Sincerely,
Ruth Mathews
General Insurance Pvt. Ltd.
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