The free-look period gives a policyholder an opportunity to review the policy after receiving the policy document and, where the applicable rules allow, cancel the policy if the terms are not acceptable.
How the Current Framework Works
IRDAI’s 2024 life-insurance product master circular states that a 30-day free-look period is available from the date of receipt of the policy document, subject to the applicable policyholder-protection regulations. citeturn0search7
What to Review
- Sum assured and death benefit
- Premium amount and payment frequency
- Policy term
- Exclusions
- Riders and additional charges
- Maturity or survival benefits, where applicable
- Surrender or withdrawal conditions
- Nomination details
Do Not Ignore the Deadline
The free-look period is time-limited. If you are considering cancellation, read the policy’s instructions and submit the request through the insurer’s prescribed process within the applicable period.
Keep Evidence
Keep the policy document, correspondence and acknowledgement of any cancellation request. If a problem occurs, written records can help with grievance resolution.
Important: Life-insurance rules, tax treatment, policy terms and product features can change. Readers should check the policy document and official regulator/tax guidance before making a financial decision.
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