|Chennai||Rs. 24840.00 (-0.36%)|
|Mumbai||Rs. 25460.00 (-0.16%)|
|Delhi||Rs. 25450.00 (2.21%)|
|Kolkata||Rs. 25000.00 (0%)|
|Kerala||Rs. 24700.00 (0%)|
|Bangalore||Rs. 25050.00 (1.42%)|
|Hyderabad||Rs. 24930.00 (1.63%)|
Often we end up buying an insurance policy at the insistence of the insurance agent. However, after the documents are signed and we get the policy in hand, we discover that the policy is of very little use to us. What do we do in such a scenario? Resign to fate and stick to the policy? Absolutely not! Thanks to the Insurance Regulatory and Development Authority (IRDA), policyholders now get a 15-day time span during which they can return the policy and get a refund.
This is called the free look period. The free look period is a great tool available to all insurance consumers. However, many people still do not know about the benefits and features of a free look period and as a result do not use it to their advantage. Read on to know all about the free look period of an insurance policy.
When to use the free look period
The free look period is a great tool, but you must use it with caution. Before you decide to cancel a policy, make sure you have a back up policy in place. Do not cancel a policy in the free look period if your agent convinces you that you better policy is available.
For all you know, the new policy may just have the exact same features. So read the documents carefully, assess your own needs and then see if the policy will suit your requirements. If you find an unsatisfactory result, make use of the free look period and return the policy.
The author is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal
For more articles by Deepak Yohannan, please visit MyInsuranceClub.com
You may contact him directly on Twitter: @dyohannan