Free Look Period - Terminology - Insurance - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Wednesday, April 13, 2016

Free Look Period - Terminology - Insurance

Free Look Period - Terminology - Insurance

After having received the policy document, one may not want to continue with the policy.
This could be if one is not satisfied with coverage or the terms and conditions of the policy.

The policyholder has the option to cancel the policy within fifteen (15) days of receiving it provided there is no claim.
Remember, the 15-day period starts from the date when the policy document is received by the policyholder (by courier etc..) and not from the date of issuance of the policy.
The free look period is applicable only in the initial year of purchase and not applicable on the renewal policies.
To cancel, one has to communicate to the company in writing and return the policy document.
The insurer refunds the premium after adjusting for proportionate risk premium for the period already covered, expenses incurred by the insurer on medical examination and stamp duty charges.



Free Look Period - Terminology - Insurance Reviewed by S. Chitra on April 13, 2016 Rating: 5 Free Look Period -  Terminology - Insurance After having received the policy document, one may not want to continue with the policy. Th...

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