15 Days Freelook Period

Can I cancel my policy during the freelook period? What is the process to cancel my policy during this period? Will I get my premium amount back?

Yes, you can cancel your policy within the freelook period. The purpose of the period is to allow an insured to cancel her life insurance policy without any surrender charges. The freelook period is for 15 days from the date of receipt of the hard copy.

You should submit a written application for cancellation to the insurer within the freelook period. The insurer would require you to fill a cancellation form, and return the original policy copy. You are not obliged to specify a reason for cancellation. The full initial premium will be refunded to you subject to deduction for mortality charges for the covered period, stamp duty charges, and costs incurred by the insurer for medical examination.