At times, we realize after buying health insurance that we are not satisfied with the implied terms and conditions or the coverage the policy is offering. If you have recently purchased a mediclaim policy and are not pleased with its coverage, then you can cancel it immediately.
Yes, you read it right! Most people are unaware of this provision. But according to the IRDA, a policyholder can return the policy within a specific period. This is known as ‘Free Look Period’. Thus, with a free look period, you can review your existing policy and return it if it’s not beneficial to you.
What Is Free Look Period In Health Insurance?
The free look period comes along with all types of health insurance plans. Generally, the period is of 15 days, but there are a few insurance providers that extend the period up to 30 days. With this golden opportunity, you can return the policy if it does not satisfy your requirements.
The free look period in health insurance starts from the date you receive the policy paperwork until 15-30 days wherein you can cancel the policy. When you decide to return the plan, your provider will return the paid premiums after deducting the necessary charges.
What Are The Key Takeaways of Free Look Period In Health Insurance?
Keep reading to know how clauses work in your health insurance policy.
- Time Limit To Avail Free Look Period – You can avail the benefit of free look period within 15 days (extended up to 30 days by a few insurers) of receiving the policy paperwork.
- Request To Cancel The Plan – You have to submit a written request to avail the benefit. Also, most providers allow you to initiate this request by filling an online application on the official website.
- Furnished Details – To cancel your medical policy within the period, you have to submit details such as policy date documents, information of your agent (if any), the reason for cancellation, etc. Also, provide valid bank details to receive the health insurance premium refunds.
How to Cancel Health Insurance within the Free Look Period?
Here’s a step-wise procedure to cancel the policy within the free-look period –
- First, understand and read the terms and conditions mentioned in your policy carefully.
- Contact the customer care and submit a written request for cancellation.
- Your insurance provider will send across an endorsement and refund the premium amount within seven working days.
- It is noteworthy that you can return the policy within the free look period.
The Bottom Line
The free look period is specifically designed to give people a second chance when purchasing a health insurance policy. To utilize this benefit to its fullest, you first need to understand how it works and how to go about the cancellation process.
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