The free-look period is the time after buying an insurance policy during which you can cancel it and get your money back. This period is usually 15 to 30 days from the date you receive your policy document.
If you read the terms and find something you don’t like or don’t understand, you can return the policy and get a refund. The company will deduct a small charge for medical tests or stamp duty, but the rest is refunded.
This feature is very helpful for first-time buyers. It gives you time to think, read, and even discuss the policy with your family.
Always read your policy document carefully during the free-look period. If you have doubts, ask questions or cancel the plan without losing too much money.
