What Is Free-Look Period?
The free-look period is a window after you receive a new policy during which you can review the terms and cancel for a refund if you're not satisfied. IRDAI mandates it on all life and health insurance policies – 15 days for most, and 30 days for policies sold electronically or through distance marketing.
How Free-Look Period Works
The clock starts from the date you receive the policy document, not the date you bought it. To exercise it, send a written cancellation request to the insurer within the window, stating your reason.
On cancellation, the insurer refunds your premium minus a few small deductions: proportionate risk-cover charges for the days you were covered, stamp duty, and any medical examination costs.
Example
You buy a health policy and, eight days after receiving it, find a plan with better terms. You cancel within the free-look period and receive your premium back, less a small proportionate deduction for the days you were covered.
Why Free-Look Period Matters
The free-look period is your safety net against mis-selling and rushed decisions. Always read the full policy wording – exclusions, waiting periods, sub-limits – inside this window, while you can still walk away. If something was mis-sold, this is your cleanest exit.
Frequently Asked Questions
How long is the free-look period?
15 days from receiving the policy for most life and health policies, and 30 days for policies sold electronically or via distance marketing, per IRDAI rules.
Will I get a full refund in the free-look period?
Almost full – the insurer deducts only proportionate risk-cover charges for the days you were covered, stamp duty, and any medical-test costs. The rest of the premium is refunded.
How do I cancel during the free-look period?
Send a written cancellation request to the insurer within the free-look window, stating your reason, along with the policy document. Keep the acknowledgement.
Related guides:
Glossary: Full Insurance Terms Glossary
Disclaimer: Educational content reflecting 2026 rules. Always read your policy wording. NYVO is an IRDAI-registered corporate agent.
