What is the Free Look Period for Insurance Policies?

What is Health Insurance and what is the free look period for insurance policies?

Medical emergencies are unpredictable and never come knocking. Health insurance can protect you and your family from any medical expenses due to any illness. This insurance will cover medical expenses ranging from hospitalisation expenses to doctor's consulting charges and even the cost of medicines. With the free look period in health insurance, it is very easy to try it on for size. Keep reading to find out what is the free look period in insurance policies.

Aditya Birla Health Insurance Policy(ABHI) is present in more than 2300 cities across India, with access to more than 10,000 hospitals in the country. With premiums starting as from as low as ₹7,000, ABHI offers the widest range of products along with incredible quality services. We also offer a free look period in health insurance. Some of our most popular health insurance policies include

1. Activ fit: With premium starting at ₹6,863 per annum, this plan offers health benefits along with rewards and amazing discounts
2. Activ Health Platinum Enhanced Insurance Plan offers 100% health returns at ₹7,937 per annum with access to modern treatments and other medical facilities
3. Activ Assure Diamond Health Insurance Plan provides 360-degree protection for you and your family by offering a budget-friendly premium of ₹7,149 per annum
4. Activ Assure Diamond + Super Health Topup Combi Health Insurance Plan gives the maximum insurance coverage of ₹1 crore at an annual premium of ₹10,768 per annum.

But what if you are unhappy with the quality of the insurance product purchased or you feel that the terms and conditions mentioned are unfavourable? What if you feel that the insurance coverage is inadequate for you and your family? That's when the free look period in health insurance comes in.

What is a free look period for insurance policies?

As the name suggests, the free look period in health insurance refers to the time frame during which an insured person can review the terms and conditions of their health insurance policy and decide whether they would like to hold it or not.

Every insurance policy approved by the Insurance and Regulatory Development Authority of India(IRDAI) makes it compulsory to implement a free look period in health insurance. This is one of the initiatives taken by the regulatory body to empower policyholders.

What does the IRDAI say about the free look period in health insurance?

• Policy tenure of at least three years for health insurance policies to become eligible for a free look period in health insurance.
• The insured person will be allowed a time frame between 15 days for offline policies and 30 days for online policies to review the terms and conditions and return if it is unacceptable.

If no claim has been made during the free look period in health insurance, what will the insurer get?

• If no claim has been made during the free look period in health insurance, the premium will be refunded, and any expenses which the insurer pays will be deducted, along with stamp duty charges.
• If the risk has already started, then the insurance company will deduct the proportionate amount of risk for the time frame mentioned on the cover.
• In the case of a ULIP scheme with a free look period in health insurance, along with the deductions, the policyholder will have to buy the units as per the given price on the date of the return policy.

How to cancel during the free look period in health insurance?

At Aditya Birla Health Insurance, cancelling an insurance policy is a very simple process with a 100% refund if done within the free look period in health insurance. Please note, the process remains the same, whether you cancel during the free look period in health insurance or after.

• Contact the support department:
  The first step is to get contact the support department of the company to submit a cancellation request for the policy, whether during or after the free look period in health insurance.
• Sending a written request:
  The support department will ask you to send a request in writing, along with your policy details and the free look period in health insurance. In case of an online process, you can visit the Aditya Birla Health Insurance website and fill out the cancellation form or send an email to customer service to start the process.
  Otherwise, you can download the cancellation form from the website or call our customer care. After this, you can visit the nearest branch or consult your financial advisor to know about your free look period in health insurance and submit the form in written format.
• Remember to send your policy details:
  You need to add all the information about the health insurance policy you purchased, including the free look period in health insurance. These include:
  • Policy details
  • Date of receipt of policy papers
  • Insurance agent details (if any)
  • Reasons for cancelling the policy
  • Bank account details for the refund
• Offering solution:
  At Aditya Birla Health Insurance, we value our policyholders and customers. That's why we offer such an accommodative free look period in health insurance. Our team will try to provide you with a solution if you have any difficulty with the policy. However, if you still wish to cancel within the free look period in health insurance, the cancellation process will be started from our end.
• Deductions to be made, if any:
  The company will deduct the following after the free look period in health insurance:
  
  • Stamp duty charges
  • The proportionate risk premium for the coverage period
  • Any expenses incurred paid by the policyholder towards a medical test
• Getting the refund:
  After this process, ABHI will send an official cancellation email or letter to you, which will indicate that the policy does not exist anymore.

What happens if you cancel after the free look period in health insurance?

Even after the free look period in health insurance, the policy can be cancelled. However, you will not be able to receive 100% of the premium that has been paid. If the policy is cancelled after the free look period in health insurance, the following is how the refund shall be made:

The bottom line is that in today's rising medical cost environment, it would be foolish not to buy an insurance policy. And with the free look period in health insurance, you can try it on for size to see if the fit is comfortable.

Aditya Birla Health Insurance offers a variety of health insurance products which have affordable premiums, open to citizens of all age groups, have a waiting period of fifteen days and, most importantly, offer a 100% refund on policies during the free look period in health insurance. To learn more about our products and the free look period in health insurance, visit our website https://www.adityabirlacapital.com/.