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What does the free look period of insurance policy mean?

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What does the free look period of insurance policy mean?
OLM Desk - 05 July 2017

I am new to insurance and when I was taking the policy, the agent mentioned a ‘free look period’ – what does it mean?

Kiran Samdar, Bhopal

The ‘free look period’ is the time period given to you, the life assured for re-evaluating your purchase of the policy. It normally starts from the first day of the commencement of a policy and ends on the 15th day. During this period, if you feel you have not got the policy cover that you felt you were looking for, you can terminate the policy and claim a refund of the premium. Most insurers refund the entire premium but some deduct some amount for stamp fees and other expenses incurred.

olmdesk@outlookindia.com

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