The free look period in life insurance.
By Venkatesh TK, Founder, AdviceSahi. 20+ years in banking, wealth management and insurance distribution. Updated 16 October 2026.
The free look period is a window after you receive a new life insurance policy during which you can review it and cancel if the terms do not suit you. IRDAI rules currently set it at 30 days from receiving the policy document for life insurance. Check your own policy for the exact terms.
What is the free look period?
It is a short review window. If you read the policy and find the terms are not what you expected, you can return it and ask for a refund of the premium paid, after deductions the rules allow.
How many days do I get?
IRDAI rules for life insurance set a 30 day free look period counted from the date you receive the policy document. Counting begins on receipt, not on the date you paid. Policy documents state the period, so confirm it in yours.
What can the insurer deduct?
The insurer can deduct the proportionate risk premium for the period of cover, medical examination costs and stamp duty. For linked policies, a change in unit value can also apply. Your policy document lists the exact deductions.
How do I cancel in the free look period?
- Read the full policy document, not just the first page.
- Write to the insurer, by email or letter, stating the policy number and that you want to cancel under the free look provision.
- Keep proof of the date you received the policy and of your request.
- Ask for the refund amount and the timeline in writing.
Is it a good time to get a second opinion?
Yes. The free look period is the cheapest moment to fix a mismatch. If you are unsure, check the numbers with a licensed advisor before the window closes.
Common questions
When does the free look period start?
It starts on the date you receive the policy document, not the date you paid the premium.
Do I get all my money back?
Not always. The insurer can deduct certain items such as the risk premium for the period of cover, medical costs and stamp duty. Your policy lists them.
Does the free look period apply to renewals?
It is meant for a new policy. For a renewed or revived policy, check the insurer terms.
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How to read your life insurance policy documentHow much life insurance cover do you need?How to choose a life insurance advisorThis article is for general information only. It is not financial, tax or insurance advice. AdviceSahi is a technology platform and is not an IRDAI registered entity.