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Free Look Period in Health Insurance Explained

​IRDA has approved the ‘Free-look period’ policy for the Indian market. What does this mean? If you are unsatisfied with your health insurance ​plan or the coverage it provides, you can cancel it within this free-look period. 

Let’s take a look at the details of the ‘Free-look period’ and understand how it works!

Overview: Free-Look Period


All kinds of health insurance policies have a ‘Free-look’ period. This is a duration of about 15 to 30 days, depending on the insurance company. It starts on the day you receive the policy documents. If you feel that the insurance policy is not the right one for you, the terms and conditions don’t meet your requirements, or you would prefer different health insurance to the current one, you can conveniently cancel the insurance within this time frame. The cancellation will incur a minimal charge, while the rest of the amount will be refunded to your account after the cancellation process is completed. 

Key Elements of Free-Look Period


There are some key takeaways of this clause in health insurance. Let’s check them out in detail.

  • Time Limit:

  • Under the free-look period, the cancellation must be done within 15 to 30 days of receiving the policy documents. Look into your insurance policy norms to know the exact duration of this period allowed by your insurer. If you want to cancel the insurance policy, you should be able to prove the starting date, that is, the date on which you received the documents, in order to initiate the cancellation process.

  • Cancellation Request:

  • In order to initiate the cancellation process during the free-look period, you are required to submit a handwritten request to your insurer. Alternatively, you might be able to kickstart the process by filling up a form on the official website of the insurance company. But this option is subject entirely to the insurer.

  • Credentials and Details:

  • To initiate the cancellation process during this period, you will need to produce certain details required by the company. Usually, you can find the list of required details on the company’s official website. The basic details required for this process include proof of start date (date when you received the documents), information about the insurance agent (if involved), the reason for cancellation, etc. For the refund process, you will need to provide your bank details as well.

  • Documents:

  • There are some documents essential to initiate the cancellation process. These include original documents, receipt of first premium payment, cancelled cheque, etc. In case of absence of the original documents, an Indemnity bond is compulsory. Your insurer might require some other documents as well. Check for the list on their official website or connect with the customer care to get the list of necessary documents.

  • Partial Refund:

  • The cancellation refund even during the free-look period is not a 100%. The insurer will most likely cut a minimal fee for charges incurred on stamp duty, medical test, the proportionate risk premium for the coverage period, etc.

    Whether you buy health insurance online or from an agent, always make sure you read all the scheme related documents carefully and make an informed decision. If after that you feel the need to change your decision, go ahead and avail the benefits of the free-look period and cancel your insurance anytime within the duration!