Get Essential Takeaways about the Free-Look Period in a Health Insurance Policy
Free-look period is a period in which you can discontinue the health insurance policy. As per the guidelines given by the Insurance Regulatory and Development Authority of India (IRDAI), if you are not happy with your existing health insurance policy or the terms and conditions related to it, you can review your insurance plan and terminate it within a specified period. Every health insurance policy has a provision approved by the IRDAI that gives you the freedom to return it within a specific time.
To help you in such situations, the IRDAI has introduced this facility where you can opt for a health insurance policy and then can return it if it does not suit your requirements.
How Free-Look Period Works?
The free-look period is introduced to help the insured and has some terms and conditions. All insurance plans do not have a free-look period.
Health insurance policies have a free-look period that offers 15 days to review a new health insurance policy. If the terms and conditions are not as per your needs, then you can return the policy during this period, and you will get back your premium subject to terms and conditions of the health insurance policy.
The amount of premium is refunded after making the following deductions:
- After deducting proportionate risk premium for the coverage period
- The health insurance company bears any medical expenses in case of a medical test
- Stamp duty charges
Mentioned below are specific details related to the free-look period:
- Time limit: The benefits in the free-look period can only be availed within 15 days from when the policy documents have been received. During this period, you can relook for some changes in the policy or cancellation.
- Request to cancel the health insurance policy: You need to have a request to avail of this feature. You can initiate this process by filing an online form downloaded from the company’s official website.
A health insurance policy helps you in financial planning. However, what if you find that specific terms and conditions are not as per your requirements? You have an option for a free-look period in which you can review the terms and conditions as mentioned in the health insurance plan to assess whether it is helpful.
If you are looking to opt for a health insurance plan, then you can rely on Care Health Insurance (Formerly Religare Health Insurance). The coverage and the benefits are worth your hard-earned money. Getting a health insurance policy from us is an investment, and you will not regret your decision.