Is the free-look period applicable only for life insurance?
No, even health policies will now get a window of 15 days from the time you receive your policy, to return it if you do not want it. In this case, the insurer will return the premium paid. However, costs like administration and medical examination will be deducted from the premium to be returned.
Is the free-look period applicable to all types of health plans?
Yes, it will be applicable to both indemnity and defined benefit plans. The former one reimburses you the cost of hospitalisation up to the sum insured, whereas a defined benefit policy pays a lump sum on diagnosis of specified illness. Even a personal accident cover will now allow a free-look period.
No, even health policies will now get a window of 15 days from the time you receive your policy, to return it if you do not want it. In this case, the insurer will return the premium paid. However, costs like administration and medical examination will be deducted from the premium to be returned.
Is the free-look period applicable to all types of health plans?
Yes, it will be applicable to both indemnity and defined benefit plans. The former one reimburses you the cost of hospitalisation up to the sum insured, whereas a defined benefit policy pays a lump sum on diagnosis of specified illness. Even a personal accident cover will now allow a free-look period.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%