Free Look Period: 15 Din Mein Policy Cancel Karo, Refund Lo

Key Takeaway

Free look period (mukt drishti avadhi) ek IRDAI ka rule hai jo aapko nayi insurance policy khareedne ke baad 15 din (kuch policies mein 30 din) ka time deta hai policy ko cancel karne ka. Agar aapko policy ke terms pasand nahi aaye, hidden conditions mile, ya agent ne kuch aur bataya tha aur policy mein kuch aur hai — toh aap 15 din ke andar cancel kar sakte hain aur refund pa sakte hain. Refund mein premium deduct hota hai: stamp duty, proportionate risk cover charges, aur medical test expenses (if any). Yeh aapka RIGHT hai — koi agent aapko rok nahi sakta!

TL;DR — Key Points

• 15-day free look period for all insurance policies (30 days for some online policies)
• Cancel within 15 days if terms don't match what was promised
• Refund = Premium - Stamp duty - Proportionate risk cover - Medical expenses
• Applies to ALL types of insurance — life, health, motor, travel
• Must give written request to insurer with reason for cancellation
• No questions asked — you don't need to prove anything
• IRDAI mandated — no insurer can refuse cancellation within this period

What is the Free Look Period?

The free look period is a mandatory window provided by IRDAI during which a policyholder can review their new insurance policy and return it if they're not satisfied. The policy is treated as if it was never issued, and a refund is given after deductions.

Free Look Period Kya Hai? (Hindi)

Free look period aapko nayi insurance policy milne ke baad review karne ka mauka deta hai. Agar aapko policy ke terms, conditions, ya coverage pasand nahi aaye, toh aap 15 din ke andar policy cancel kar sakte hain aur refund le sakte hain. Yeh IRDAI ka rule hai — koi insurance company isse deny nahi kar sakti.

Free Look Period by Insurance Type

Refund Calculation

For Life Insurance / ULIPs

Refund = Premium Paid - Stamp Duty - Proportionate Risk Cover for days covered - Medical Examination Expenses

Example:

• Premium paid: ₹20,000
• Stamp duty: ₹400
• Risk cover (5 days out of 365): ₹274
• Medical test: ₹0 (if insurer arranged)
• Refund: ₹19,326

For Health Insurance

Refund = Premium Paid - Proportionate Risk Cover - Stamp Duty - Medical Expenses

Example:

• Premium paid: ₹8,000
• Risk cover (10 days out of 365): ₹219
• Stamp duty: ₹200
• Refund: ₹7,581

For Unit-Linked Plans (ULIPs)

Refund = Premium Paid - Stamp Duty - Proportionate Risk Cover - Medical Expenses - Fund Management Charges (if any) + NAV appreciation (if any)

Note: ULIPs mein market value changes bhi affect karti hai refund amount ko.

How to Cancel During Free Look Period

Step-by-Step Process

1. Write a cancellation letter — include policy number, date of receipt, reason for cancellation
2. Attach original policy document — physical copy return karni hai
3. Submit to insurer — via email, branch visit, or registered post
4. Insurer processes within 7-15 days — refund issued to bank account
5. Refund received — typically within 7-15 working days

Cancellation Letter Format

To: [Insurance Company Name]
Subject: Free Look Cancellation of Policy No. [XXXXX]

I, [Your Name], wish to cancel my policy No. [XXXXX] under the free look period.
- Date of policy receipt: [DD/MM/YYYY]
- Reason: [Terms not as explained / Hidden conditions / Better plan available]
- Bank details for refund: [Account No., IFSC, Bank Name]

Please process the cancellation and refund at the earliest.

Signature: ____________
Date: ____________

When to Use the Free Look Period

✅ Valid Reasons to Cancel

• Agent ne galat information di thi about coverage
• Hidden conditions milein jo pehle nahi bataye gaye
• Room rent limit zyada hai ya co-pay clause hai jo discuss nahi hua
• Waiting period longer than expected
• Premium zyada hai jo bataya gaya tha
• Better plan available at same/lower premium
• Exclusions zyada hain
• Cashless network hospitals kam hain aapke area mein

❌ Not Valid (but still your right — no questions asked!)

• Simply changed your mind
• Found cheaper option
• Family member disagreed
• No specific reason needed!

Common Mistakes During Free Look Period

1. Not Reading the Policy Document

Bahut log policy document file kar dete hain bina padhe. 15 din ka period bhi guzar jaata hai. Hamesha policy document turant padho aur check karo.

2. Missing the 15-Day Window

15 din ka period policy document receive karne se shuru hota hai — policy issue date se nahi. Lekin delay mat karo. Email date ya courier receipt as proof rakh lo.

3. Not Keeping Proof of Document Receipt Date

Agar insurer kehta hai ki policy 20 din pehle bheji thi, toh aapko 15 din already guzar gaye. Delivery receipt, email date, ya SMS proof rakhna zaroori hai.

4. Only Verbal Cancellation

Sirf phone pe cancel bolna kaafi nahi. Written request (email with acknowledgment) zaroori hai. Registered post best hai — legal proof rehta hai.

5. Not Checking Refund Amount

Insurer kabhi-kabhi zyada deductions kar deta hai. Stamp duty, risk cover, aur medical expenses ke hisaab check karo ki refund sahi hai ya nahi.

Free Look Period vs Cooling-Off Period

Note: Free look period and cooling-off period are the same thing in Indian insurance context. Some countries use the term "cooling-off period."

Frequently Asked Questions

1. Free look period kya hota hai?

Free look period 15 din ka time hai jo aapko nayi insurance policy cancel karne ka right deta hai. Policy document receive karne ke 15 din ke andar aap policy return kar sakte hain aur refund le sakte hain. Yeh IRDAI ka rule hai. (Mukt drishti avadhi mein aap nayi policy cancel kar sakte hain)

2. Kya refund mein poora premium milta hai?

Nahi, poora premium nahi milta. Stamp duty, proportionate risk cover (jin din policy active thi), aur medical test expenses deduct hote hain. Lekin majority amount refund mein aata hai — typically 90-95% of premium.

3. Kya motor insurance mein bhi free look period hota hai?

Technically haan, 15 din ka free look period motor insurance pe bhi applicable hai. Lekh practically use nahi hota kyunki motor insurance active rehti hai aur aapki car insured rehti hai. Kuch insurers renewal pe free look allow nahi karte.

4. Kya online policy ka free look period alag hai?

Kuch insurers online policies ke liye 30 din ka free look period dete hain (vs 15 din offline). Check karo insurer ki website pe. IRDAI minimum 15 din mandate karta hai.

5. Agar free look mein claim kiya toh kya hoga?

Agar aapne free look period mein claim file kiya, toh policy cancel nahi ho sakti — claim settle hone ke baad hi cancellation possible hai. Free look period claim ke liye available nahi rehta.

6. Kya renewal pe bhi free look period hota hai?

Generally nahi. Free look period sirf naye policy (first time purchase) pe applicable hai. Renewal pe free look period nahi milta. Lekin portability ke tahat naye insurer se policy pe free look milega.

💡 Expert Insight from Himanshu Paliwal, IRDAI Certified POSP Insurance Advisor (POSP Code: IP429834): "Meri sabse badi advice — policy document milte hi SAME DAY padho. Exclusions, waiting periods, room rent limits, co-pay clauses — sab check karo. Kuch galat mile toh turant free look mein cancel karo. Main personally har client ko policy document bhejne ke baad follow up karta hoon ki unhone padha ya nahi. Yeh aapka right hai, use karo!"

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This guide was prepared by Himanshu Paliwal, IRDAI Certified POSP Insurance Advisor (POSP Code: IP429834). Free look period rules as per IRDAI Protection of Policyholders' Interests Regulations, 2017. For assistance with policy cancellation, reach out via WhatsApp or visit paliwalsecure.in. Last updated: December 2025.

Disclaimer: Insurance is the subject matter of solicitation. IRDAI Registration No. — POSP Code: IP429834. For more details on risk factors, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.