Free look period in Health insurance

According to IRDA guidelines, policyholders were granted a free look period under which they can check the terms and conditions stated in the health insurance policy before going for final cancellation. The free look period is of 15 days. Within the free look period, the policyholder has the power to ask to make changes in the features of the health insurance policy rather than cancelling.

Here know about the details related to the free look period to understand better:

Time Limit :

Policyholders can avail of the free look period for 15 days, which begins from the date on which a policy document is received. Under the prescribed free look period i.e.  15 days, requests for any alteration in the policy or to cancel the policy can be made by the policyholder.

Request to ask for Free Look Period :

To avail the Free Look option for a health insurance policy, the policyholder is required to request for the same, in writing, to their insurance provider. Many insurance providers are giving policyholders this facility by providing them an online downloadable form available on the company’s website.

Furnishing information 

To avail of the free look period, the policyholder must furnish certain details like date of the policy document, information about an agent who has helped on obtaining the policy, and the reason for policy cancellation. 

When the policy is canceled, a policyholder will get a refund back, so, it is necessary that the correct bank details like the account number, etc. should be given to the insurance company. 

A revenue stamp of the specified denomination needs to be pasted on the form, along with the signature of the policyholder.


The policyholder must share an original policy document that was issued by the insurance company, receipt of first premium payment and a canceled cheque to get a refund of the same. If the original policy of the document is not available, then policyholders must provide an indemnity bond.

Refund of Premium :

In case the policyholder has decided to cancel the policy, they can obtain a refund on the canceled policy. The deductions that are to be made from the amount of premium will be the following:

 The proportionate risk premium for the coverage period.

  • Stamp duty charges.
  • Conditions Applicable:

The Free look period for Health insurance policies is only applicable in those health insurance policies which are for a minimum term of 3 years or more.