The Free-look period is the stipulated time period in which a new Health Insurance policy holder can cancel the policy, free from penalties.
During the Free-look period, in case the Insured has dissatisfaction with policy terms and conditions, he can cancel the policy within the stipulated time of 30 days from the date of receipt of Policy document at the insured end . Free-look period is not available for the portability and renewal policies.
The Free Look Period shall be applicable on new Individual Health Insurance Policies and not on renewals or at the time of porting/migrating the policy.
The insured person shall be allowed free look period of thirty days from date of receipt of the policy document to review the terms and conditions of the policy, and to return the same if not acceptable.
The free look period starts on the day you get your policy documents, whether in a physical or digital form. If they are physical documents, you will get a free look period of 30 days to review the policy patiently. If they are only digital documents, you will get a free look period of 30 days.
lf the insured has not made any claim during the Free Look Period, the insured shall be entitled to
i) A refund of the premium paid after deducting any expenses incurred by the Insurance Company for medical examination of the insured person and the stamp duty charges
ii) Where the coverage has already commenced and the option of return of the policy is exercised by the insured person, a deduction towards the proportionate risk premium for period of cover shall be made by the company.
Here are a few things to know about the free look period:
Lets discuss the Free look period in a health insurance example. Mr. Raam buys a 25 lakh top health insurance policy online. Later, he realizes that it is not sufficient for his needs. So, he can use the free look period to cancel the plan and receive a refund, and then he can buy a 50 lakh plan instead.
Please ensure to completely read the policy terms and conditions before you choose and buy the best policy. By the time you purchase a Health Insurance policy, you are quite familiar with the important features of your insurance cover. Free-look period is a customer-protection feature that gives you a chance to review every policy detail and understand more about your coverage.
This paves the way to get a refund of the initial premium and switch to other suitable policies catering to your needs. Hence, Insurance policies with a Free-look period are usually an advantage to the customer.
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