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Free Look Period in Life Insurance

The free look period is the time given to life assured to check and review the policy documents. The policyholder has the option to terminate the plan during the free look period if he/she is not satisfied with the T&Cs and features of the policy which were informed at the time of buying.

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In simple terms, the free look period allows one to decide whether or not to keep the policy in the future. 

Let’s understand the basics of the free look period with the help of an example: 

Raj recently purchased a life insurance plan online and received all the related documents from the insurer. While going through its T&Cs, he found that the plan did not fulfill his specific requirements. He just didn’t like the policy and felt it was not suitable for him. Does he have to accept all the clauses that he doesn't like?  The answer to all the questions is ‘No’ because there is a free look period that covers all such cases. 

How Does a Free Look Period in Life Insurance Work? 

  • Life Insurance is an insurance plan that grants certain responsibilities and rights to both the policyholders and insurers. 

  • Simply put, a policyholder receives the benefits stated in the policy documents after paying premiums as mentioned. 

  • If the T&Cs of the policy does not match his/her requirements, he/she has the option to cancel the policy during the free look time. 

  • In addition to this, different insurance companies follow different pre-specified criteria to return the paid amount.

  • Then, he/she can use the free look time in life insurance by asking questions and clarifying doubts to the insurance company chosen by you. 

  • If the insured is still not convinced with the policy, he/she can request for cancellation. 

Can I Cancel My Life Insurance Policy During the Free Look Period? 

As already discussed, while reviewing the policy document, if a policyholder finds any type of inconsistency or discrepancy in the policy’s T&Cs or if he/she is not satisfied with the features and benefits of the plan, then he/she can choose to cancel the policy and receive a refund. Also, called a free look cancellation. 

So this means Raj, being a financially smart person, already knew about the free look period. On the very next day, Raj filed for the cancellation of the policy and got a refund. 

Duration of a Free Look Period In a Life Insurance Plan 

The term of a free look period in life insurance is generally 15 days. If in case the plan is bought online, free look periods can go up to 30 days after receiving the documents of policy. In some cases, some banks also provide an additional free look period for senior citizens. If a life assured wants to terminate the plan during this time, they have to check for all the important documents before filling out the cancellation form. 

Life Insurance Policy Cancellation Process During Free Look Period

As mentioned earlier, a policyholder can terminate the life insurance plan if it does not match the requirements. In case of cancellation of a life insurance plan, one needs to convey this information to the insurer. Then, their agent will generally provide some alternatives that can suit. However, if one still does not wish to keep the plan, he/she is just required to fill out the cancellation application from the official website of the insurer’s branch. 

After submitting the cancellation form, the request is processed. Before filing the cancellation request, the policyholder must ensure that he/she has the following relevant details: 

  • The date on which he/she got the official documents of the policy 

  • Contact information of the agent, if policy bought via an agent 

  • Cancellation reason of the long tenure plan 

  • Valid bank account to receive the refund 

Will I Receive the Full Amount on Cancellation? 

The Answer is No. The insurer will deduct the following charges: 

  • Taxes 

  • Additional premium covered during that time 

  • Additional loading/premium or riders (if available)

  • Medical examination charges incurred by the insurer 

  • Processing or administration fee 

  • Stamp duty charges 

Wrapping It Up!

A lot of times we see that people often got into miss-selling activities or purchase some life insurance plans under some wrong influence. So, using the free look period, one can save their earnings from getting stuck in a wrong plan that does not fulfill their needs.


  • Ans. Yes. It is important to mention the reason for policy termination while filing a cancellation request in written form. The company will call the policyholder to provide alternative options. If he/she still wants to terminate the policy, he/she will receive a refund.
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