IRDAI has authorised the “Free-look time” policy for the Indian mltyarket. Why does this matter? Within this free-look period, you can terminate your health insurance plan if you are dissatisfied with its coverage.
Specifics of the “free-look period” and its functions –
There is a “Free-look” period for all health insurance plans. Depending on the insurance provider, this time frame ranges from 15 to 30 days. When you obtain the policy documents, the free look period begins.
You can easily cancel the insurance within this time frame if you believe the insurance policy is the wrong choice for you. Or that the terms and conditions don’t match your needs or that you would prefer a different type of health insurance. Or, you may find that the coinsurance costs in the policy are too much.
There may be a small fee for the cancellation, and the remaining money will be returned to your account after it is processed.
Thanks to such features, it’s convenient to find the ideal health insurance in india.
Essentials of the free-look period –
This health insurance clause has a few important lessons to be learned. Let’s examine them in more detail.
1. Time frame:
The cancellation must be made during the free-look period within 15 to 30 days of obtaining the policy paperwork. To determine the precise length of this period that your insurer will allow, see the rules of your insurance policy. To start the cancellation process for an insurance policy, you must be able to demonstrate the starting date or the day you got the documentation.
2. Request to cancel:
You must send your insurer a handwritten request to begin the cancellation procedure during the free-look period. Alternatively, you can start the process by completing a form on the insurance company’s official website. But the insurer is the only party who can choose this alternative.
3. Details and credentials:
You will need to provide the specific information requested by the company to start the cancelling procedure during this time. The list of the necessary information is typically available on the business’s official website.
The bare minimum information for this procedure consists of the proof of start date (the day you got the paperwork), facts about the insurance agent (if applicable), the cause for cancellation, etc. You must also give your bank information to receive a refund.
4. Documents:
A few documents are required to start the cancelling process. These include the original paperwork, the initial premium payment receipt, the cancelled check, etc. An indemnity bond is necessary if the original documents are missing.
Other paperwork can also be needed, according to your insurance. To obtain the list of required documents, check their official website or get in touch with customer service.
5. Refund in part:
Even within the free-look time, the cancellation reimbursement is less than 100%. The insurer will deduct a small fee for expenses such as medical exams, stamp duty, and proportionate risk premiums for the coverage period.
Ensure you thoroughly study all the documentation linked to the plan before choosing whether to get health insurance offline or online. If you later decide to alter your mind, feel free to use the free-look period if neccessary and cancel your insurance within the given period.
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