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 moreThe 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.
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.
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:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
Ensure a peaceful and financially stable retirement with LIC plans offering guaranteed returns, life cover, and regular income options.
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 offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
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.
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.
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*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
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