What is Free-Look Period in health insurance?
The free-look period is the window after buying a new health policy during which you can read the full terms and cancel for a refund if you're not satisfied. Since IRDAI's 2024 Master Circular it is 30 days from receiving the policy document for all health and life policies. The insurer refunds the premium after deducting charges for the cover already used.
In plain English
A 30-day no-questions trial on a new policy. Don't like the fine print? Cancel and get your money back, minus small charges.
A quick example
You pay a ₹25,000 annual premium and, on reading the policy, spot a co-pay you dislike. Cancel within 30 days and the insurer refunds ₹25,000 minus small deductions — typically a proportionate risk premium for the days covered plus any stamp duty or medical-test cost.
What IRDAI says
IRDAI's Master Circular on Health Insurance (29 May 2024) set a uniform 30-day free-look period, counted from receipt of the policy document, for all health and life policies — replacing the earlier 15-day default.
Related terms
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You get the premium back minus a proportionate charge for the days you were covered, plus any stamp duty and medical-examination costs the insurer incurred.
No. It applies only to a newly issued policy. Renewals of an existing policy do not get a fresh free-look window.
From the date you receive the policy document, not the purchase date, under IRDAI's 2024 Master Circular.
Reviewed by
Atul SharmaAVP, Founder’s Office at CoverSure · 7+ years in insurance (ex-Tata, Ditto, Cholamandalam)
