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Free Look Period in Health Insurance: All You Need to Know
Are you not satisfied with your recently bought health insurance policy? Are the terms and conditions not favourable or the coverage offered is not serving your requirements? If yes, then fret not as you can cancel your mediclaim policy with less hassle during the ‘Free-look Period’. Let’s dive into detail about the concept and know how it works!
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- Free Look Period in Health Insurance: All You Need to Know
What is Free Look Period in Health Insurance?
A free-look period is a time period that allows policyholders to cancel their mediclaim insurance policy without paying any cancellation fees if they are unhappy with it. It gives you a second chance to review your existing policy coverage, premium and terms & conditions and return it if you are not satisfied. All health insurance companies in India come with a free look period under the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI).
Whether indemnity or benefit-based plans, all kinds of health insurance policies come with a free-look period of 15 or 30 days. In fact, all health plans issued starting April 1, 2024 have a free look period of 30 days as per the 2024 IRDAI guidelines. The free-look period kicks in from the date of policy commencement until 15 or 30 days as per the policy terms and conditions, during which the policy cancellation is possible.
In case you wish to return the policy, your insurance provider will refund the paid premiums after deducting any expenses incurred on medical tests and postal duty. Let us further understand how this clause works in health insurance.
Things to Remember About Free-look Period Under Health Insurance
Here are a few significant points to remember about the free-look period in health insurance:
- Time Limit to Avail the Benefit: The benefits under the free look period clause can be availed within 30 days from the receiving of the policy documents. In case you are willing to return the policy or request for an alternation, you must prove the starting date of the policy to initiate the process.
- Request to Cancel the Policy: You must submit a written request in order to avail free look benefit. Health insurers also allow the policyholders to initiate this by filling an online form, which can be downloaded from the official website of the insurance company.
- Furnishing the Details: In order to cancel the policy within free look period, you will be required to furnish certain details such as on which date the policy document is received by you, information of the agent if you have bought the policy through an agent, the reason for cancelling the policy etc. Moreover, for the refund of premium, valid bank account detail is required. You can get the list of required things on the official website or can take help from a customer care executive.
- Documentation to Cancel the Policy: Submission of original documents is essential to complete the mediclaim insurance cancellation process. You will need to provide the receipt of first paid premium, a cancelled cheque for the purpose of refund. In case the original document is not available, an Indemnity Bond is required.
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Do Not Expect Full Refund:In case of health policy cancellation, the insurance provider refunds the premiums after charging a minimal amount which includes:
- Charges for Stamp Duty
- Proportionate risk premium for the coverage period
- Expenses incurred paid by the insurer towards a medical test
How to Cancel a Health Insurance Policy During Free-look Period?
Here is a step-by-step guide on how you can cancel your medical insurance policy within free-look period:
Step 1: Carefully go through the policy fine print as soon as you receive it
Step 2: Contact the customer care, write to them and submit a request for cancellation. You can also approach the broker from whom you have bought the policy to initiate a free-look policy return.
Step 3: The insurance company will send an endorsement and refund the premium within 7 working days
Note: Remember that, you can only cancel the mediclaim policy during the free-look period. You cannot port it. Health insurance portability is possible at the time of renewal only.
Conditions Applied on Policy Cancellation During Free-look Period
The certain conditions applied on policy cancellation during free-look period involves the following:
- In case of health insurance, the insurance providers bear up to 50% of the cost incurred towards medical tests that are renewed every year. This amount is deducted while refunding the premiums in case of policy cancellation.
- Health insurance policies including indemnity and defined benefit plans such as critical illness plan have the window of 30 days to cancel the policy. However, there is an exception. The free-look period is only applicable if the policy has a tenure of 3 years.
FAQs
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Q1. What is the duration of the free look period?
Ans: Health insurance plans in India come with a free look period of 15 days or 30 days. However, as per the latest IRDAI guidelines, all mediclaim policies issued after April 1, 2024 will have a free look period of 30 days. -
Q2. What is the 15 day free look period?
Ans: A 15-day free look period allows you to cancel your health insurance policy without paying any cancellation fees within 15 days of the policy commencement date. -
Q3. What is a 30-day free look period?
Ans: A 30-day free look period provides a period of 30 days for policyholders to cancel their medical insurance policies without paying any cancellation fees. -
Q4. How to return policy in the free look period?
Ans: If you want to cancel your health insurance policy during the free look period, submit a written cancellation request to your insurer mentioning your policy details and reason for cancellation. The insurer will initiate the cancellation and refund you the premium amount. -
Q5. Can I cancel my insurance policy after the free look period?
Ans: Yes. You can cancel your medical insurance policy after the free look period is over. However, you will have to pay a cancellation fee for the duration you were covered under the policy.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
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*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
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*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
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*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
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