If you take an insurance policy and are not satisfied with the policy purchased, you can also refund it. Many insurers give you the option to take some time to review the insurance when you buy insurance if the insurance is not meeting up to your expectations, you can return it. When you take insurance, the bill has a term and condition in which it is mentioned after how long you can change it. It is mandatory for the insurer to give such options to customers. If you talk on a legal basis, the insurer must give you such a facility, as well as some time so that the insured can understand the insurance properly. And when you don't agree with it, you can withdraw the insurance and take your money.
The process of buying life insurance begins with filling up the proposal form. The insurer gets all the information in the form of what he wants to know about you. In addition, you have to give information about your income. In general, the insured has to pay the first year's insurance installment.
The insurer may then ask you to undergo medical check-up based on factors such as the product you choose, your age and sum assured. These tests are paid by the insurer. Once the insurer agrees to insure you, it will send the policy documents. The free-look period occurs from the time when you get the policy document. The insurer has to give you 15 days to review the policy documents. If you are not happy, you can return your policy within 15 days. After ensuring that your time has not exceeded 15 days, the insurer will cut the cost for insurance cover for that period later. Health insurance policies also get a 15-day free-look (time to review insurance). Usually, the health cover is for one year, which has to be renewed every year. Let's say that the free-look applies only to the first-ever purchased insurance and will not apply to the renew. It starts from the time when you get policy documents. If you return the policy during this time, the insurer will pay the premium net of costs like stamp duty and insurance for the days you cover. Unlike life insurance policies, the insurer carries at least 50% of the cost of medical tests for medical plans that renew every year. If you return the policy, this cost will be deducted from the premium when the insurer refunds the money to you. If the policy has a tenure of at least 3 years, the free-look rule is applicable. This does not apply to short-term plans.