Every company offers its customers a 15-day free-look period.
The benefit of free-look period will be given only when the policy period is at least 3 years.
Many times after taking an insurance policy, people realize that this policy is not right for them or its terms and conditions are not as they are seeking. If you are going through this situation after taking the policy, then you can take advantage of the free-look period. Each company offers a 15-day free-look period to its customer. During this time you can return the policy to the company. We are telling you about the free-look period.
Take advantage of free-look if the policy is not correct
, the duration of the free-look policy is 15 days from the date of receipt of the policy document. This period gives you a chance to test the insurance policy and get out of it if you are not satisfied with any thing or condition of the policy. During this period the person can cancel the policy or ask for a change in its terms. If someone cancels the policy, the premium amount will be returned to you after deducting the expenses of medical examination, proportional risk cover cost, stamp duty, etc.
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You will get the benefit of free-look period only if the policy is 3 years
, such as health plan such as an Indemnity policy, a policy whose benefits are already defined, such as a critical illness policy and a personal accident cover, you will get the benefit of 15-day free-look period only. Their duration i.e. term is at least three years.
How to avail the benefit of free look period The
policyholder can write to the insurance company to work towards his free look period. In most cases, free-look forms can be downloaded from the company’s website. In this, the policyholder has to give the information about the date of receipt of the policy documents, the information of the agent and the reason for cancellation or change. Apart from this, the original documents of the policy, first premium receipt, a cancellation check and other documents have to be submitted. In case of giving back the money, the policy holder also needs to provide the bank information.
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