How Does a Policyowner Exercise the Free Look?

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Furthermore, how do you free look a policy?

5 tips to make the most of free-look period in insurance

1. 1) Give correct contact details on form. When you buy an insurance policy, fill in the contact details yourself in the application form.
2. 2) Save the date of delivery.
3. 3) Cancel policy through insurer.
4. 4) Do not expect full refund of premium.
5. 5) Understand refund process for ULIPs.

Also, why IRDA allows free look in period cancellation? All About Free Look Period in Health Insurance. In order to protect the interests of consumers, IRDA (Insurance Regulatory & Development Authority) has included a provision which allows customers to return their policies which they are not satisfied with and also get a refund for the same.

Just so, what is free look period?

The free look period is a required period of time in which a new life insurance policy owner can terminate the policy without penalties, such as surrender charges.

How can I cancel LIC policy in free look?

Yes, under the free look period, you can cancel your life insurance policy within 15 days by returning the policy to the life insurance company after you have received the policy document.