Are you not satisfied with your recently bought health insurance policy? Are the terms and conditions not favourable or the coverage offered is not serving your requirements? Fret not, cancel the policy with a less hassle!
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Who would you like to insure?
Do you have an existing illness or medical history?
This helps us find plans that cover your condition and avoid claim rejection
What is your existing illness?
Select all that apply
When did you recover from Covid-19?
Some plans are available only after a certain time
Yes, it is possible. If you’re new to the insurance industry, then let us tell you that every insurance provider comes with a provision approved by IRDA, which allows the policyholder to return the policy within a specific period. This is called ‘Free-look Period’.
Hence, free-look gives a second chance to review your existing cover and return if you are not satisfied. Let’s dive into detail about the concept and know how it works!
Whether it is an indemnity cover or defined benefit plans, all kinds of health insurance policies come with a free-look period of 15 days. However, some insurers may extend the period up to 30 days. This is a golden opportunity of the insured to return the policy if the policy doesn’t meet its requirements. The free-look period kicks in from the date of receiving the policy documents until 15 days within which, policy cancellation is possible.
In case you wish to return the policy, the insurer will refund the paid premiums after deducting a certain amount. Let’s know how this clause works in health insurance:
Don’t Expect Full Refund: In case of policy cancellation, the insurance provider refunds the premiums after charging a minimal amount which includes:
o Charges for Stamp Duty
o Proportionate risk premium for the coverage period
o Expenses incurred paid by the insurer towards a medical test
The Final Word!
Free-look period is designed to serve the customers in case of the hour of need. However, to utilize this term to its fullest, you should know how it works and how to go with the process. Let’s make the most of your health insurance and stay sufficiently covered!
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