In this article, we will be discussing the Free Look Period for health insurance policies. So, let’s get started!What is a Free Look Period?
How Does it Work?
- Free Look Period is 15 days for the insured (individual getting insurance) to try on the particular insurance scheme.
- This insurance policy does not apply to short-term insurance schemes and applies to all other schemes.
Key Things to Remember:
- Need to return the policy document
- Need to return the premium receipt
- The bank account’s canceled cheque
- Reason for the policy cancellation
- Initially, you need to write down an email or connect to the insurance agent regarding the problem.
- A period of 15 days starts when the individual receives the policy document physically or digitally.
What Should Investors Do:
- The Free Look Period does not apply in the case of renewal of insurance schemes or the case of portability of insurance schemes. It is applied only in the case of fresh insurance policies.
- The individual will get the money back less than some mandatory government charges and taxes.
- Deduction of charges of medical checkups of individuals, if done.
- This does not apply to short-term insurance schemes
Free Look Period is an interesting and important factor in the insurance area. One should carefully study the policy document as per the individual’s need, there might be some cases of misselling from the insurance agent's side or some misunderstanding on the individual’s side. Individual must understand their requirement while selecting insurance plans and should purchase accordingly.