What is a Free-look period?
The free-look period is a window after you receive a new policy during which you can review it and cancel for a refund if you disagree with the terms. IRDAI mandates this window for life and health policies; the exact length has been revised in recent norms, so check the current figure.
How the free-look period works
When a new long-term policy is issued, you get a short period to read the actual wording, not just the sales pitch, and to cancel if the terms are not what you expected. The insurer refunds the premium after deducting proportionate risk cover and any expenses.
This is one of the few consumer protections that lets you exit cleanly, which is exactly the moment to run the policy through a clause check.
Frequently asked questions
Can I get a full refund in the free-look period?
You generally get the premium back minus proportionate cover for the days on risk, a medical-check cost if any, and stamp duty. The precise deductions are set by regulation and your insurer.