5 tips to make the most of free-look period in insurance

The 15-day free-look period in insurance is a customer-friendly feature. Here are what you should know about it

1) Give correct contact details on form
When you buy an insurance policy, fill in the contact details yourself in the application form. Often, agents give their phone numbers. This means the mandatory welcome call from the insurer could be answered by them instead of you, the policyholder. During the welcome call, for termination of the policy.

2) Save the date of delivery
The 15-day free-look period begins the day you receive the policy. Make sure you retain the envelope containing the policy documents as it will have the date of delivery. Also, before you sign on the receipt, check the date. You need to be cautious that you do not sign on a back-dated receipt as it will cut into your 15-day trial period and you may miss the cancellation deadline.

3) Cancel policy through insurer

If you decide to cancel your policy, do not go by oral intimation to the agent. The agent could try to delay the process. There have been instances where agents have withheld documents so that the free-look period expires. Call up the insurer’s customer care to communicate your decision to cancel the policy. You should visit the insurer’s office to submit your policy cancellation application. Many insurers put up cancellation forms on their websites, which can be downloaded. Make sure you get a time-stamped receipt acknowledging your application.