September 16, 2021

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What#39;s free-look period in life insurance policy?

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The free-look period is the window within which you can return your life insurance policy if you don’t like it. The insurance regulator mandates a free-look period of 15 days starting from the policy receipt date. For electronic policies, it is 30 days. Every new life policy comes with this clause. The premium paid –minus the insurer’s expenses on medical tests, stamp duty and proportionate risk premium – will be refunded, provided you haven’t filed a claim. Judicious use of this window can help nip in the bud cases of mis-selling.

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