FREE Look Period?

You might have heard of Free Look period in Term Insurance. So, 

What is Free Look Period?

In life insurance, a "Free Look Period" is a specified timeframe during which a policyholder can review their policy documents, understand the terms and conditions, and cancel the policy if they're not satisfied.

Key aspects of the Free Look Period:

1. Review and cancellation: Policyholders can review their policy documents, and if they're not satisfied, they can cancel the policy within the specified timeframe.
2. Full refund: If the policyholder cancels the policy during the Free Look Period, they're entitled to a full refund of the premiums paid.
3. No penalty or charge: There are no penalties or charges for canceling the policy during the Free Look Period.
4. Insurer's obligation: Insurers are obligated to provide policyholders with a clear explanation of the policy terms, conditions, and benefits during the Free Look Period.

How long is the free look period for life insurance?

Offline Purchase : 15 days free look period, if you purchase a policy Offline (from the offline agent of the life insurer, or from the insurance office/bank etc)

Online Purchase : 30 days free look period, if you purchase a policy from Online platforms

The Free Look Period is designed to:

1. Protect policyholders: It allows policyholders to make informed decisions about their insurance coverage.
2. Promote transparency: Insurers are encouraged to provide clear and concise policy documents, ensuring policyholders understand what they're buying.
3. Build trust: The Free Look Period helps build trust between policyholders and insurers, as it demonstrates the insurer's commitment to transparency and customer satisfaction.

In summary, the Free Look Period is an essential aspect of life insurance policies, providing policyholders with a risk-free opportunity to review and understand their policy upto 30 days after committing to it. 

Regards,

Honvest Team.