Free-look period
The 30 days after you receive a new insurance policy, when you can review it and cancel.
The free-look period is your cooling-off window on a new policy. Use it to read the wording, not just the brochure. It is one of five buyer rules in our health insurance guide, and it applies to term cover too, see how much term cover.
Questions people ask
What is the free look period in insurance?
It is the time you get to read a new policy and cancel it if you don't agree with its terms. For health policies with a term of one year or more, IRDAI's 2024 master circular sets it at 30 days from receiving the policy document.
What is the free look period for life insurance?
30 days. IRDAI raised it from 15 days to 30 days in June 2024, per its press release on reforms in life insurance.
Do I get my full premium back if I cancel in the free look period?
Not always in full. The policy document says what, if anything, the insurer can keep. Read that line before you cancel.
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