Free Look Period: Time to Review and Cancel an Insurance Policy

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The free look period is a 15 days period (30 days, if the policy is purchased online) available to all life insurance and health insurance policyholders to review their policies and decide whether to continue the policy or cancel it. The period starts from the day the policy document is received by the insured.

Insurance is an important document and must be shared with all family members. You should read all terms and conditions especially the promises made at the time of business solicitation. Most consumer-centric insurers give a summary of insured events and key benefits. You should also give a call to the call center to seek clarifications.

If you are not satisfied then you can cancel the policy and demand a full refund. You can process cancellation by visiting the branch office of your insurer or sending a mail to the insurance company through a registered email id.

In case you fail to review your policy during the free-look period, you will lose your right to cancel the policy and get the amount of premium already paid. In case you plan to cancel (surrender) the insurance policy in the future (after the free-look period), you will either be given a small amount of the premium already paid or nothing.

If a person sells you an insurance policy and does not send you the policy document. Get Alert!
They can be an unscrupulous person who is trying to lapse the free look period.
Contact the insurance company and ask for the policy document.
If you still do not receive the policy document or are not satisfied with the terms and conditions of the policy, then proceed with policy cancellation.

Also Read: No Interest Loan against Policy? A Helping Hand for Insurance Mis-selling

If you do not receive the free look claim amount within a reasonable time, then approach your insurance company. If you face a problem or aren’t able to cancel your policy within the free-look period and get your money back, then you can take help from Insurance Samadhan.*

Read How Insurance Samadhan Resolved a Case Related to Free Look Cancellation

Randhir, a customer bought a term insurance policy from a tele- caller who claimed to be an employee of an insurance company. He did not receive the policy document. He contacted the person who sold him the policy and asked for the policy document. The person did not give him a proper response and later avoided him.

He was worried about not receiving the policy document. He was aware of the free-look period and thought to cancel the policy. He intimated his insurance company about the free-look policy return and initiated the process of policy cancellation. However, he did not receive the free-look claim. He lost hope to get his money back.

Randhir learned about Insurance Samadhan and contacted us for his case. We first verified all the details and then accepted his case. Within four days, we were able to resolve the case and Randhir got his money back.

If you face a similar problem related to your insurance, you can approach Insurance Samadhan. We have resolved 14,500 + complaints related to insurance. These complaints include insurance mis-selling, fraud, claim rejection, delay in the claim process, etc.

Also Read: Beware of Fake Insurance Phone Calls

* Insurance Samadhan is a private organisation and has no association with IRDA or any Government body.