Understanding the different aspects of free look period in health insurance

It is crucial that you carefully read the terms and conditions associated with your health insurance policy once you have purchased it. Even if you may have reviewed the health plan's benefits before buying, it is crucial that you continue to do so and see for the add-ons that are worth adding. This will give you peace of mind knowing that you and your family are covered by comprehensive insurance in the case of a medical emergency.

Occasionally customers purchase a plan that may not meet their needs, which might result in unexpected out-of-pocket costs when filing claims. The Insurance Regulatory and Development Authority of India (IRDAI) ordered insurers to include a provision known as the free look period in health insurance plans to address this prevalent issue.

We will explain the free look period, how it functions, and the advantages it gives in this article.

What does the free look period in health insurance mean?

You have the freedom to assess the health insurance coverage you just bought during the free look period. You can cancel the policy if you do not like it or find certain provisions that you feel are inappropriate for you. Before repaying the money, you paid as an insurance premium, the insurer may or may not deduct any necessary charges, depending on their pre-specified laws and regulations.

How does the free look period in health insurance work?

An insurance policy confers certain rights and obligations on both policyholders and insurance firms because it is a legal contract. Simply put, after paying the required payments, you receive the insurance benefits specified in the policy contract. You may decide to cancel the insurance during the free look time if the terms and conditions of the policy do not coincide with what you have agreed upon with the insurer. You should also be aware that many insurers use their own pre-established standards to compare the amount paid back. The premium repayment is thereafter completed in accordance.

By asking the questions to the insurer you have chosen and getting their answers, you may also make use of the free look period in health insurance. By doing this, the policy contract may be better understood, negating the need to cancel it. Cancel the policy if you're still not happy with it.

Important features of the free look period in health insurance

• Adequate time frame

The free look period usually lasts 15 days from the day the policy was issued. You have two weeks to cancel the insurance and receive a full refund if you don't like the features or advantages provided.

• Easy cancellation

You must get in touch with the insurance provider and file a cancellation request if you're unsatisfied with the coverage and want to cancel it during the free look period. Depending on the insurer restrictions, this process can be completed online or offline.

• Inadequate documentation

You must present certain original papers or copies of the documents in order to cancel the policy. These records might be a receipt for a premium payment, a voided check, etc. The insurer may ask you for an indemnity bond if the necessary paperwork is missing.

Conclusion

The free look period is made simply to help the consumer in case they feel the policy is not right for them. To get the most out of this term, you must have now understood how it operates and how to cooperate with the process.

It is always advisable to get the best comprehensive health insurance to cover all your health risks and avoid any future financial risks.

Know how to make a health insurance claim here.

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