Calculate the refund amount considering the given information: Sum Insured : ₹100.00 lakh, Premium Paid : ₹1,00,000.00, Units allotted at the time of Policy Issuance: 8,000 @ ₹10.00 per unit, Medical Expenses : ₹5,500, P

Refund Amount Calculation in case of ULIP Policy where the insured disagrees to any of the terms or conditions, he has the option to return the policy stating the reasons for his objection, when he shall be entitled to a refund of the premium paid, subject only to a deduction of a proportionate risk premium for the period on cover and the expenses incurred by the insurer on medical examination of the proposer and stamp duty charges. In respect of a unit linked policy, in addition to the deductions under sub-regulation (2) of this regulation, the insurer shall also be entitled to repurchase the unit at the price of the units on the date of cancellation. Premium Amount = Unit Value as on the date of Cancellation x Number of units = ₹9.5 x 8,000 = ₹76,000 Less: Sum of Medical Expenses + Proportionate Risk Premium + Fund Manager charges and Stamp duty Charges = 5,500 + 12,500 + 800 + 1,200 = ₹20,000 Amount Refundable = 76,000 - 20,000 = ₹56,000