Worried about Corona virus spreading in India? Buy Health Insurance and get coverage now. View Plans
Free Look Period in Policy
Take informed decisions with IIFL Insurance:

Benefits Of A Free Look Period In Your Insurance Policy?

Introduction

Krishna has always wanted to look at the insurance policy, but he has never been sure which one to go. He tried to find many options but always ended up being confused. It was not until his friend told him to try the free look period. Many people identify a free trial period with just a long-term or life insurance policy. In health insurance plans, India has added a free look period. This was precisely what Krishna needed to protect himself and his family, especially with Covid; he needed to ensure he had all the sources. 

What is a free look period?

When purchasing insurance policies, the insurance free look period refers to a specific period or a window during which policyholders can cancel their selected coverage. There is no penalty cost for policyholders during this period. A free look period, which often lasts ten days or longer, allows a policyholder to decide whether or not to maintain their insurance. This duration may differ depending on the restrictions of various insurers.

The free look period begins typically when the annuity insurance is provided. A handful of them will want you to sign a delivery receipt, but your timer will start as soon as you receive the policy. You can now carefully comprehend or examine the policy’s terms and conditions, often known as the free examination time.

Free Look Period in Policy

During an insurance free look period, the days counted are calendar days, not business days. This implies that your insurance free look period includes Saturdays and Sundays.

It is important to remember that a free look period is only available in health insurance with a duration of at least three years. Other health-related short-term insurance products include a 30-day money-back guarantee. This is under the IRDA’s norms and recommendations, so it’s an easy free look cancellation. 

What Are the Advantages of a Trial Period?

An insurance free look period has several advantages. Among them are the following:

  • The significant advantage of an insurance free look period is the extra time it gives policyholders, allowing them to study each term and condition of the policy they purchased.
  • One of the most excellent aspects of a free look period is that you do not need to explain why you wish to terminate the insurance. This varies based on the insurance company, but customer care will not try to convince you out of cancelling. You will receive your money as long as you fulfil the period restrictions.
  • A free look period, in particular, allows a policyholder to verify that they wish to routinely contribute a portion of their cash to fund administrative fees.

 

How Can You Maximize Your Free Look Period?

While there are several benefits to a free look period, you should be aware of some other disadvantages. These elements will assist you in receiving all of the main advantages of a free look time. Among them are the following:

1. Fill out the form with your correct information.

When purchasing a long-term insurance policy, make sure to provide your exact address and phone number. This ensures that you may directly listen to the features and specifics of your plan during the necessary welcome call. Keep in mind free look cancellation.

2. Review the policy at the right time.

In general, a policyholder gets 15 days to grasp all of the policy’s features and conditions. Use this time wisely to go over the states, interact with your business agent, and confirm that you want to maintain the insurance or apply for free look cancellation.

3. Make a note of the end date of your trial term.

Keep track of when your free look time begins and ends. Your trial term will start as soon as you get the insurance. Also, carefully verify the date before signing the receipt. This guarantees that you do not sign a receipt that is out of date. This may shorten your 15-day free period and cause you to miss your cancellation deadline. You can take a free look at cancellation. 

4. Communicate effectively with your insurance.

If you have a problem with your policy, you must convey it in writing rather than orally. It is preferable to connect with a corporation in writing to receive official communication from you. Occasionally, a few agents may try to postpone your side of the information to stop the free look cancellation.

Conclusion

Insurance has always been required. While there has been a huge increase in health-related difficulties due to the epidemic, the necessity of life and health insurance plans has grown significantly.

FAQs:

How long does a free look period last?

A free look period is typically 15 days in length. In the event of plans purchased online, free look periods can last up to 30 days after the policy documents are received. A few banks also provide extended free look periods to older persons.

Is it possible to cancel insurance during the free look period?

Yes, you can cancel your policy plans if they do not meet the needs of your long-term insurance strategy. A free look period cancellation is only for your benefit and is intended to assist you in determining whether or not you want the coverage.

Buy Insurance - 18002101330