Insurance
•01 min read
Welcome to our brand-new series, A-Zs of Insurance. In this series, we will venture into the world of insurance to breakdown insurance jargon for you, so you’re empowered to make informed decisions about your financial security.
Have you ever bought a pair of jeans from the store, only to see that you don’t like the fit when you get home? What do you do then? Return them, of course!
Well, did you know you can do something similar when you buy insurance, with a feature known as a free look period?
Once you buy an insurance policy, you get a window to review the same and check whether it really fits your needs. This is known as a free look period.
You can check the terms, benefits, features, limitations, and conditions. If you aren’t satisfied with the policy, you can return it and get a refund of the premium you’ve paid to the insurer.
The free look period starts from the date you receive the policy document from the insurer and typically lasts for 15 days. It can be extended to 30 days for some policies.
Note: The applicability of the free look period can differ for different insurance products.
If you return your policy during the free look period without making any claims, the insurer will refund the premium you’ve paid.
Some things like stamp duty fees, medical test costs, proportionate premium for the days you’ve been covered, etc., may not be refunded to you.
Please read the terms and conditions of your policy carefully to understand how this applies to you.
