All You Need to Know about Free Look Period in LIC Policy

When purchasing an LIC policy, the last thing anyone wants is to feel stuck with a product that doesn’t meet their expectations. That’s where the “Free Look Period” comes into play. The Free Look Period offers a safety net for policyholders, allowing them to review their decisions and make necessary changes. 

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold

What is the Free Look Period in LIC Policies?

The Free Look Period is a specified time frame during which a policyholder can review the terms and conditions of their insurance policy and decide whether they wish to continue or cancel it. In LIC policies, this period typically lasts 15 days from receipt of the policy document. For policies purchased online, the Free Look Period may extend up to 30 days.

Key Features of the Free Look Period in LIC Policies

  • Duration: The standard Free Look Period for LIC policies is 15 days from receipt of the policy document. However, the Free Look Period can be extended to 30 days for policies purchased online. The policy document mentions the specific duration, and policyholders need to be aware of this timeframe.

  • Refund Policy: If the policyholder decides to cancel the policy within the Free Look Period, they are entitled to a refund. The amount refunded typically includes the premium paid minus any applicable charges for medical examination or administrative costs. The exact details of the refund policy are outlined in the policy document.

  • Request for Cancellation: To cancel the policy within the Free Look Period, the policyholder must submit a written request to the insurer and the original policy document. Following up with the insurer to confirm receipt of the cancellation request and the refund processing is advisable.

  • No Claims or Benefits: During the Free Look Period, the policyholder is not entitled to any benefits or claims under the policy. If a claim is made during this period, it may affect the refund amount or eligibility for cancellation.

Lic Hub

The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:

  • Tax Saving
  • Investment Plans
  • Senior Citizens
  • Kids Plan
  • Women

LIC for TAX Saving:

Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.

Best LIC for Investment:

Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.

LIC for Senior Citizens:

Ensure a peaceful and financially stable retirement with LIC plans offering guaranteed returns, life cover, and regular income options.

LIC for Kids:

Protect and plan your child’s education, marriage, and future goals with LIC’s specialized child insurance plans that combine savings and life cover.

LIC for Women:

LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.

Benefits of the Free Look Period

  • Peace of Mind: The Free Look Period provides policyholders peace of mind, knowing they have time to reassess their decision. This reduces the anxiety of purchasing an insurance policy and ensures that individuals make a well-considered choice.

  • Opportunity for Correction: If the policyholder discovers discrepancies or misunderstandings about the policy terms, the Free Look Period allows them to rectify the situation without financial loss. This opportunity to correct any issues helps in achieving greater satisfaction with the insurance purchase.

  • Enhanced Customer Experience: LIC demonstrates its commitment to customer satisfaction by offering a Free Look Period. This reflects the insurer’s confidence in its products and willingness to provide a positive experience for its clients.

Wrapping It Up

The Free Look Period is a valuable feature of LIC policies that empowers policyholders to make informed decisions and ensures a transparent insurance purchasing process. By effectively understanding and utilizing the Free Look Period, policyholders can avoid potential pitfalls and achieve greater satisfaction with their insurance choices. Whether you are a first-time buyer or an experienced policyholder, taking full advantage of the Free Look Period can help you secure a policy that meets your needs and expectations.


*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

LIC of India
LIC Plans
LIC Amritbaal
LIC Index Plus
LIC Jeevan Dhara II-872
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2025
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2025
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans

LIC of India articles

Recent Articles
Popular Articles
Prime Minister Modi Launches LIC Bima Sakhi Yojana to Empower Women

10 Dec 2024

4 min read

Prime Minister Narendra Modi has launched the Bima Sakhi Yojana
Read more
LIC Bima Sakhi Yojana

10 Dec 2024

3 min read

The Bima Sakhi Yojana, launched by Prime Minister Narendra Modi
Read more
LIC Yuva Term Plan Calculator

20 Nov 2024

3 min read

LIC Yuva Term Plan Calculator is an online tool designed to
Read more
LIC Index Plus Plan Details

15 Oct 2024

2 min read

The LIC Index Plus plan is a ULIP offered by the Life Insurance
Read more
How to Buy LIC Index Plus from Policybazaar?

15 Oct 2024

3 min read

The LIC Index Plus combines the benefits of insurance and
Read more
LIC Online Premium Payment

3 min read

The LIC Online Payment by Policybazaar enables policyholders to pay their insurance premiums online at their
Read more
How to Check the Maturity Amount of LIC Policies?

4 min read

The LIC maturity value is the amount payable to the policyholders at the end of their policy term. To calculate
Read more
Surrendering LIC Policy Before Maturity Time: Your Guide!

3 min read

The surrender value of an LIC policy is the amount given to the policyholder if they cancel their policy before
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL