Availing the free look-in period in insurance policy

All life and health insurance policies come with the statutorily mandatory free look-in period of 15 days. The free look-in period provides the policyholder sufficient time to go through the policy document carefully. The free look-in period starts after the insured receives the policy document. After reading and understanding the terms and conditions of the policy and the benefits available under the policy, if the policyholder thinks that the policy has been missold by the agent and it is not suitable for him or if he finds that some of the terms and conditions are not acceptable to him, he can return the policy and get refund of the premium amount paid (minus the stamp duty paid and the costs and charges incurred for issuing the policy).

The free look-in is available only when the life insurance policy or the medical insurance policy is purchased for the first time. Since the life insurance premiums can be paid on a monthly, quarterly or yearly basis, only the first premium paid is eligible for free look-in period and the subsequent payment of premiums do not qualify for free look-in. Similarly, since medical insurance policies are usually issued on a yearly basis, subsequent renewals of the policy do not qualify for free look-in.