What is Free Look Period In Health Insurance?
As a health insurance policy buyer, one spends a lot of time and effort in making the right decision. But, what if you realize that after all the considerations and calculations, the policy does not do justice to your requirements or budget? Should you continue with the health insurance policy that serves no good purpose? No, absolutely not!
There are numerous crucial terms associated with health insurance. One such is the free look period. Free look period is extremely helpful in saving oneself from unwanted health insurance.
Let’s take a look at the few free look period questions policyholders new to the health insurance sector generally have.
What Is Meant By Free Look Period In Health Insurance?
Free look period is the window to cancelling your health insurance policy if you don’t find it worthy anymore. Basically, free look period is the second chance to review a health insurance policy before involving the money aspect.
You may also like to read: Know Your Rights On Health Insurance Policy Cancellation
How Long Does the Free Look Period Last?
The free look period is about 15 to 30 days, depending on the health insurance company. When the policy is purchased offline, the free look period is 15 days. In case of an online purchase, the free look period is 30 days.
When Does the Free Look Period Start?
The free look period starts the day you receive your health insurance policy documents to review the terms and conditions.
Is the Free Look Period Applicable For All Kinds of Health Insurance Policies?
Free look period in health insurance policies is allowed for those with at least 3 years tenure. Policies with less tenure will not come with the free look period feature.
Something else that might interest you too: Explanation of Common Terminologies Related to Health Insurance!
What Benefit Do I Get From the Free Look Period in Health Insurance?
There are two prime benefits of free look period. First, if you think you have not received what was discussed at time of policy purchase or the policy doesn’t really come across as suitable by looking at the finer details, you will be able to make use of the free look period to cancel the policy. Secondly, if you have been sold a wrong policy or received a completely different policy than the one that was being explained, the free look period will come to your rescue in policy cancellation.
What Should I Do if I Want to Cancel My Policy Under the Free Look Period?
If you want to cancel your policy under the free look period, get in touch with the customer care executives. You can also write to the company to inform them about policy cancellation.
Will I Get a Complete Premium Refund for My Health Insurance Policy?
No! After applying for policy cancellation and completion & acceptance of your premium refund, you will receive the refund premium, but not complete. A deduction based on the stamp duty charges, medical examination expenses, and proportionate risk coverage may be done.
Also read here: Everything You Need to Know About Free-look Period
At Last
Free look period is one of the key advantages that health insurance companies give to the policyholders. It may be provided for your convenience, but it is best to not make the wrong decision on your part in the first place.
To avoid using the free look period, make sure you go through the health insurance policy thoroughly or discuss every single detail with the customer care executive at the time of purchase.
Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
