Free Look Period in
Life Insurance
  • Free Look Period
  • Functioning of Look Period
  • How to Cancel the Policy
Free Look Period in Life Insurance
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Free Look Period in Life Insurance

Insurance regulators have introduced a free look period in life insurance policies to ensure consumer protection. This article aims to shed light on the concept of the free look period, its significance, and how it benefits policyholders.

What is a Free Look Period?

The freelook period is a specified duration during which policyholders can review their life insurance policy terms and conditions without any obligations. It enables you to look over the fine print of the policy, understand the coverage, and decide whether it fits with your expectations and financial goals. Depending on the insurance provider, the free look period's duration may change. It typically lasts between 15 and 30 days, giving policyholders plenty of time to make a wise choice.

How Does It Function?

The free look period in insurance gives policyholders a certain amount of time to evaluate their policy, determine whether it is fitting, and make a decision.

Here's how the freelook policy period typically works:

  • The free look period begins upon receiving the policy documents, allowing policyholders to review the terms and conditions, coverage details, and additional provisions.
  • During the free look period, policyholders can seek clarifications from the insurance company or agent to address any concerns and ensure a clear understanding of the policy.
  • Policyholders have the freedom to make an informed decision within the free look period, either continuing with the policy if satisfied or opting to cancel it if it doesn't meet their needs.
  • To cancel the policy, policyholders must notify the insurance company in writing, clearly expressing their intention to cancel, requesting a refund of premiums paid, and following any documentation requirements.
  • Upon cancellation within the free look period, policyholders are entitled to a full refund of the premiums paid during that period, with deductions only applicable for any claims made.
  • The cancellation of the policy during the free look period results in its termination, relieving policyholders of any further obligations. Returning the policy documents may be required.
  • If the policy is not canceled within the free look period, it continues in force according to its terms and conditions. Canceling it afterward may incur financial consequences or additional requirements.

Policy Cancellation and Refund Process

Understanding the workings of the free look period empowers policyholders to thoroughly evaluate their life insurance policies and make well-informed decisions. Following is the process of cancellation and refund of the policy:

  • Initiate Cancellation
    Notify insurer in writing to cancel policy during free look period. Follow outlined procedures or contact the insurer for guidance.
  • Clear Communication
    State cancellation intention, request premium refund. Include policy number, contact info, and cancellation date.
  • Submit Documentation
    Provide required documents alongside cancellation requests, such as policy copy, identification papers.
  • Timely Submission
    Submit cancellation within free look period. Observe specified deadlines to avoid processing issues or refund eligibility impact.
  • Receipt Confirmation
    Insurer acknowledges cancellation request receipt, assuring processing.
  • Refund Calculation
    Insurer calculates refund amount. Generally full premium refund, excluding charges or deductions. Claims made may proportionately reduce refund.
  • Refund Processing
    Insurer initiates refund after calculation. Methods vary (check, bank transfer). Timely processing expected.
  • Refund Delivery
    Receive refund (check, direct deposit). Provide accurate address/bank details for smooth delivery.
  • Policy Termination
    Cancellation and refund mark policy termination, relieving further obligations. Return documents if instructed.


The free look period in life insurance policies serves as a vital consumer protection mechanism, providing policyholders with an opportunity to thoroughly evaluate their policy and make an informed decision. By taking advantage of this period, you can ensure that your life insurance coverage aligns with your needs and goals. Remember, the free look period empowers you to exercise your rights as a policyholder and make any necessary changes before committing to a long-term policy.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.