Free look period in health insurance

The free look period is a specific time period during which you can cancel the health insurance policy. As per the guidelines given by the Regulatory and Development Authority of India (IRDAI), if you are not happy with your insurance policy, you can cancel it within a certain time frame. This provision issued by IRDAI is applicable to all policies. If you want to make some changes to your plan without cancelling, then the company can also consider that.

For example, you have purchased a health insurance plan a week ago and the free-look period for the policy is 15 days. Today, you’ve realized that you do not like some of its features or terms. Since you’re still within the free-look period, you can return that plan and opt for one that is more suited to your needs.

(Read more: Grace period in health insurance)

The free look period is generally designed to help the insured person and has its own terms and conditions. However, there may be some health insurance plans in which the free look period is not applicable. You do not get the facility of the free-look period even in myUpchar Bima Plus policy; although, you do get the facility of 24x7 free tele-OPD.

Health insurance plans usually offer a free look period of 15 days, in which the insured can examine the plan properly. If the terms and conditions or any of the features of the insurance plan purchased by you are not as per your requirement, then you can return the policy within this period. If you return the policy within the stipulated period, the money paid by you is returned.

(Read more: Top-up Health Insurance)

You already know that the main advantage of the free look period is that you can cancel the plan within a stipulated period of time so that you do not have to bear the loss of it for a long time. However, apart from this, there are some things related to the free look period that you should know about:

• Deduction: The health insurance company can also deduct the cost of medical tests from your premium after deducting a certain amount as a risk premium for the coverage period.
• Time limit: The free look period last only for a certain number of days after purchasing a health insurance plan. Most companies give 15 days time but you should enquire to be certain.
• Cancellation policy request: If you are not happy with your plan and you want to cancel it within the free-look period, then you have to fill the cancellation form for this. This form is usually available on the official website of the company, failing which you can get the form by contacting the company via phone or email.

(Read more: Which is the best health insurance)

If you are thinking of buying a health insurance plan, then it is important for you to know about its cancellation policy and free look period before making the final call. Read all the documents of the policy and if you feel that you have not been able to get complete information even after this, then contact the consumer helpline number. Apart from this, you can also ask your questions through email.

If you’ve realized after buying the policy that it’s not right for you, you can get it cancelled by contacting the person from whom you had purchased the health insurance plan within the free look period. After cancellation, the company gives your money back within seven working days.

However, you need to keep in mind that within the free look period, you can only cancel the policy and that it cannot be ported. A health insurance policy can be ported only at the time of its renewal.

(Read more: What is portability in health insurance)