Insurance: Free Look Period
Free look period is a fortnight given to a new insurance policy holder to examine the life insurance contract that he has signed. In case he does not want to continue with it, he can rescind the contract and the insurance company shall refund the amount paid. In India IRDA has made it mandatory for all insurance companies to grant 15 days free look period. The free look period starts from the day of receipt of policy documents by an individual and the cancellation of the policy must be intimated to the insurance company within this time period.