Free Look Period
A window (usually 15-30 days) after buying a life insurance policy during which you can cancel for a refund.
A window (usually 15-30 days) after buying a life insurance policy during which you can cancel for a refund.
The free look period lets you review the actual policy document after purchase — not just the brochure or what an agent explained — and cancel for a near-full refund if the terms don't match what you expected. IRDAI mandates this for life insurance policies, and it typically applies to health insurance too.
This is your real opportunity to read every clause, exclusion and waiting period before you're financially committed — most buyers skip it, which is a missed safeguard.
Example
You buy a term policy and, on reading the full document during the 15-day free look period, notice a rider you thought was included isn't — you can cancel and get most of your premium back rather than living with a mismatched policy.
Found this term in your policy and still unsure?
Send us a photo or PDF of the clause on WhatsApp and we'll explain exactly what it means for you.