Free-look period

The free-look period is a window after you receive an insurance policy in which you can cancel it and get a refund, minus proportionate risk premium, medical-examination cost and stamp duty. IRDAI mandates 30 days for all policies. It exists so you can read the actual policy document — not the brochure — and exit if the terms differ from what you understood. Use it to verify sum insured, waiting periods, sub-limits and exclusions. Cancellation must be requested in writing within the window; once it closes, normal surrender rules apply.