Will I get a premium refund if I do not wish to continue a life insurance policy during the ‘free look period’?
During 'free look period', the proposer can terminate the policy and claim refund of the premium paid
Will I get a premium refund if I do not wish to continue a life insurance policy during the ‘free look period’?
Pankaj Gupta, Gurugram
The ‘free look period’ offered by life insurance companies is the time period given to the life assured to re-evaluate the purchase. The ‘free look period’ is for 15 days, starting from the first day of the commencement of the policy. During this time period, if the life assured or the proposer (if both are different), feels that he has not got the kind of cover he was looking for, he can terminate the policy and claim refund of the premium paid. Most of the insurers refund the entire premium received, while, some of them may deduct an amount on account of stamp fees and other administrative expenses.