Free Look Period

What do you do when you are sold a policy that is different from what you had actually applied for? Or what if you’ve already bought an insurance policy, but the terms and conditions do not match your requirements? There is definitely a way out! You can return the policy and also get a refund.

The Insurance Regulatory and Development Authority (IRDA) introduced the Free-Look Period to life insurance buyers in 2002 and later extended the concept to health insurance buyers in September 2009.

What is a Free-Look Period?

The free look period lasts for 15 days from the date of receipt of policy ( policies purchased through distance marketing have the free look period of 30 days). Within these 15 days, the buyer needs to scrutinize the policy document and in case of any mismatch between what was promised and what the customer receives, the latter can return the policy to the company

 

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