The Free Look Period in life insurance is a provision provided by insurance companies in India that allows policyholders to review their newly purchased life insurance policy and make an informed decision about whether to keep it or cancel it. During this period, policyholders have the option to return the policy to the insurance company if they are not satisfied with its terms and conditions or if they have changed their mind about the coverage.
In India, the Insurance Regulatory and Development Authority of India (IRDAI) mandates a minimum free look period of 15 days for all life insurance policies. However, some insurance companies may offer a longer free look period as a part of their policy terms. The free look period begins from the date of receipt of the policy document.
If a policyholder decides to cancel the policy during the free look period, they are entitled to receive a refund of the premiums paid, minus certain deductions such as medical examination costs, stamp duty charges, and proportionate risk premium for the period of cover provided by the insurer.
Is There a Waiting Period for Term Life Insurance?
There is no waiting period for term life insurance coverage. The coverage typically becomes effective as soon as the policy is issued and the premium is paid. However, waiting periods might apply to certain policy features, such as suicide coverage in the initial policy years.
How to Cancel Tata AIA Life Insurance Policy in Free Look Period?
Tata AIA Life Insurance Company provide a free look period of 15 days or 30 days based on the type of life insurance policy. However, the free look period begins from the date of receipt of the policy document. You can cancel your life insurance policy within this free-look period if you're not satisfied with the terms and conditions of the policy.
To cancel a Tata AIA Life Insurance policy during the free look period, follow these steps:
- Get in touch with Tata AIA Life Insurance's customer service department using the contact details provided on their website or policy document.
- Notify the customer service representative about your decision to cancel the policy during the free look period. Provide necessary policy details.
- They may ask you to fill out a cancellation form or submit a written request. Submit the required documents to Tata AIA Life Insurance as instructed.
- Wait for confirmation regarding the cancellation and any applicable refund. If premiums were paid, Tata AIA Life Insurance will process the refund after deducting relevant charges like medical examination fees and stamp duty.
How to Cancel Star Union Dai-ichi Life Insurance Policy in Free Look Period?
Star Union Dai-ichi Life Insurance Company provide a free look period of 15 days or 30 days based on the type of life insurance policy. However, the free look period begins from the date of receipt of the policy document. You can cancel your life insurance policy within this free-look period if you're not satisfied with the terms and conditions of the policy.
To cancel a Star Union Dai-ichi Life Insurance policy during the free look period, follow these steps:
- Get in touch with Star Union Dai-ichi Life Insurance's customer service department using the contact details provided on their website or policy document.
- Notify the customer service representative about your decision to cancel the policy during the free look period. Provide necessary policy details.
- They may ask you to fill out a cancellation form or submit a written request. Submit the required documents to Star Union Dai-ichi Life Insurance as instructed.
- Wait for confirmation regarding the cancellation and any applicable refund. If premiums were paid, Star Union Dai-ichi Life Insurance will process the refund after deducting relevant charges like medical examination fees and stamp duty.
How to Cancel Shriram Life Insurance Policy in Free Look Period?
Shriram Life Insurance Company provide a free look period of 15 days or 30 days based on the type of life insurance policy. However, the free look period begins from the date of receipt of the policy document. You can cancel your life insurance policy within this free-look period if you're not satisfied with the terms and conditions of the policy.
To cancel a Shriram Life Insurance policy during the free look period, follow these steps:
- Get in touch with Shriram Life Insurance's customer service department using the contact details provided on their website or policy document.
- Notify the customer service representative about your decision to cancel the policy during the free look period. Provide necessary policy details.
- They may ask you to fill out a cancellation form or submit a written request. Submit the required documents to Shriram Life Insurance as instructed.
- Wait for confirmation regarding the cancellation and any applicable refund. If premiums were paid, Shriram Life Insurance will process the refund after deducting relevant charges like medical examination fees and stamp duty.
How to Cancel SBI Life Insurance Policy in Free Look Period?
SBI Life Insurance Company provide a free look period of 15 days or 30 days based on the type of life insurance policy. However, the free look period begins from the date of receipt of the policy document. You can cancel your life insurance policy within this free-look period if you're not satisfied with the terms and conditions of the policy.
To cancel an SBI Life Insurance policy during the free look period, follow these steps:
- Get in touch with SBI Life Insurance's customer service department using the contact details provided on their website or policy document.
- Notify the customer service representative about your decision to cancel the policy during the free look period. Provide necessary policy details.
- They may ask you to fill out a cancellation form or submit a written request. Submit the required documents to SBI Life Insurance as instructed.
- Wait for confirmation regarding the cancellation and any applicable refund. If premiums were paid, SBI Life Insurance will process the refund after deducting relevant charges like medical examination fees and stamp duty.