InsuranceFinancial Glossary
Free Look Period
Definition
A 15-30 day window after receiving your insurance policy document during which you can review the terms and return the policy for a full refund (minus stamp duty and medical examination costs) if you are not satisfied. Mandated by IRDAI for all life and health insurance policies.
Why It Matters
The free look period is your safety net against mis-selling. If you discover that the agent misrepresented the policy features, or if you find better options during this window, you can exit without financial penalty. Always read your policy document thoroughly during this period.