Free Look Period in various Insurance PoliciesFree Look Period in various Insurance PoliciesFree Look Period in various Insurance Policies

Free Look Period in various Insurance Policies

Let us use an example to better grasp the concept of a free look period:

  • Mr. Mehra recently purchased a health insurance policy online and picked up the paperwork in person.
  • He discovered that the coverage does not meet his unique demands after reading the policy’s precise terms and conditions.
  • He disapproves of the policy, believing it to be inadequate.
  • What can he do now that he has already paid the premium?
  • Is he obligated to bear it?
  • The answer to all such doubts is “No,” as there is a free look period covering such instances.

Why Should You Consider a Free Look Period?

Essential Details Related to the Free Look Period

  • Life insurance policies, regardless of their type, have a 30-day free look period.
  • Within the first 15 days of receiving the insurance policy, you have the opportunity to evaluate it in detail as the policyholder.
  • During the free look period, as a policyholder, you must submit a written request to cancel or terminate the insurance policy.
  • You can obtain a cancellation request form from your insurer’s website or inquire about the process in person.
  • You will be asked to supply specific papers when submitting a policy termination request, including the insurance contract, premium receipt, and a cancelled check.
  • Make sure to inquire about the documentation requirements during the free look period with your chosen insurer.
  • You will receive your premium return less any costs incurred by your insurance for medical tests, stamp duty, and other comparable costs.
  • You will be charged a proportionate premium for the coverage you chose during the free look period if you choose to return the policy after the free look period.
  • This deduction will be made from your refund before you receive it.
  • If you purchased a unit-linked insurance plan, the refund calculation is different (ULIP).
  • After the free look time, the insurance company has the right to repurchase the units at the specified rate on the policy date.
  • This will be in addition to the previously mentioned deductions.

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Our team in Salesforce is very strong, with in-depth knowledge of Salesforce classic and Lightning development as well as the Service cloud.