Freelook Cancellation
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Free-Look Period

IRDA - Free-Look Period

Free Look Period

(1) Free Look Period is available for all Life Insurance policies. For Health policies a term of at least three years is a must. The free look period shall be applicable at the inception of the policy and;

 

(2)The insured will be allowed a period of at least 15 days from the date of receipt of the policy to review the terms and conditions of the policy and to return the same if not acceptable.

 

(3) If the insured has not made any claim during the free look period, the insured shall be entitled to—

 
(a) A refund of the premium paid less any expenses incurred by the insurer on medical examination of the insured persons and the stamp duty charges or;
 
(b) where the risk has already commenced and the option of return of the policy is exercised by the policyholder, a deduction towards the proportionate risk premium for period on cover or;
 
(c)Where only a part of the insurance coverage has commenced, such proportionate premium commensurate with the insurance coverage during such period;
 
(d) In respect of unit linked policy, in addition to the above deductions, the insurer shall also be entitled to repurchase the unit at the price of the units as on the date of the return of the policy.
 

 

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