All About Free Look Period In Health Insurance

Are you tired of scrolling through endless lists of health insurance policies filled with jargon? After all that research, when you finally choose a policy and go through its documents, it's filled with more terminology and nuances. We understand that it can get overwhelming, so before you go into a studying spree and try to understand all the terms, we've got the inside scoop on a term you need to know - the free look period. So sit back and get ready to become an expert on this crucial aspect of your health coverage.

What Is A Free Look Period?

The free look period is a specific duration given to the policyholder to review the policy and decide whether to continue or cancel it. During this period, the policyholder can go through the policy documents to understand the policy's coverage, benefits, and exclusions. If the policyholder is unsatisfied with the policy, they can cancel it and get a refund of the premium paid. IRDAI, or Insurance Regulatory and Development Authority of India, mandates the free look period for all health insurance policies .

• Duration Of Free Look Period

The free look period generally lasts for 15 or 30 days. However, the duration may vary from one insurer to another. Therefore, checking the policy documents and understanding the free look period applicable to your policy is important.

• Eligibility For Free Look Period

All policyholders who have purchased a new health insurance policy are eligible for the free look period. This period does not apply to policy renewals .

How To Use Free Look Period?
 

If you are not satisfied with your health insurance policy, you can use the free look period to cancel the policy. Here are the steps to exercise the free look period:

• Contact the insurance company: You need to contact the insurance company and inform them about your decision to cancel the policy
• Submit the cancellation request: You will need to submit a written cancellation request to the insurance company. The request should include the policy number, date of purchase, and reason for cancellation
• Submit documents: You may be required to submit some documents, such as a copy of the policy document, identity proof, and bank details
• Refund of premium and charges: The insurance company will refund the premium paid after deducting any charges such as stamp duty or medical examination charges, if applicable

Benefits Of Free Look Period
The free look period policies provides several benefits to policyholders, including:

• Protection for the insured: The free look period protects the policyholder against any unfair practices by the insurance company. It ensures that the policyholder has adequate time to review the policy and make an informed decision.

• Opportunity to review and cancel: The free look period provides an opportunity for the policyholder to review the policy and cancel it if it does not meet their needs or expectation.

• Peace of mind for the insured: The free look period provides peace of mind to the policyholder, as they can make an informed decision about the policy and be assured that they have made the right choice

Limitations Of Free Look Period

While the free look period provides several benefits to policyholders, it has some limitations.

These include:

• Applicability: The free look period applies only to new health insurance policies and not to renewals
• Conditions for cancellation: The policyholder must meet certain conditions for cancellation, such as submitting a written request for cancellation and returning the policy documents
• Limited duration of Free Look Period: The free look period is typically around 15 or 30 days, which may not be sufficient for the policyholder to evaluate the policy thoroughly

Conclusion

The free look period in health insurance provides a safety net to the policyholder against any misrepresentation or unfair practices by the insurance company. Policyholders are encouraged to carefully review the policy during the free look period to make an informed decision about their health insurance policy.

ManipalCigna, an established name in the health insurance industry, offers multiple health policies catering to your needs. So whether you are looking for comprehensive coverage or something more specific, their range of policies provides plenty of options to choose from.

FAQs

Q. What is a free look period in health insurance?

A. A free look period is a time frame provided by the insurer to the policyholder during which they can review the policy and make changes or cancel it if it does not meet their expectations. The policyholder can usually get a full refund of the premium paid during this period depending upon the terms and conditions set by the insurer.

Q. What is the primary purpose of the free look period?

A. The primary purpose is to provide the policyholder with an opportunity to understand the policy terms and conditions and to ensure that it meets their expectations. It allows them to make an informed decision and avoid any unfavourable circumstances that may arise later.

Q. What is the duration of a free lock period?

A. The free look period usually lasts for 15 or 30 days. However, the duration might vary from one insurer to another.

Q. What are the reasons for cancellation during the free look period?

A. The policyholder can cancel the health insurance policy for any reason. It could be due to a change of mind, or they may have found another policy that better suits their needs.

Q. Can the free look period be extended?

A. No, it cannot be extended. The insurer sets a specific time frame during which the policyholder can review the policy and make any changes or cancel it if they are unsatisfied. It is essential to carefully review the policy during this period, as extending it once it is over is impossible.

Q. Is the free look period applicable to all types of health insurance plans?

A. Yes, it applies to all types of health insurance plans , including individual, family floater, group health insurance, and others.

Q. What happens to the policyholder's health insurance coverage during the free look period?

A. The health insurance coverage remains in force during the free look period. Therefore, in case the policyholder wishes to cancel the policy, they should receive a full refund of the premium paid. However, if they do not cancel the policy during the free look period, it will continue as per the policy terms and conditions.