Health & claims
What is the free look period in health insurance?
The free look period is the 30 days after you receive a new insurance policy document, during which you can cancel it if the terms don’t suit you. Since 2024, IRDAI has set it at 30 days for all health policies, however they are bought. It applies to new personal policies; company group policies don’t carry one.
In short
- The free look period is 30 days from receiving the policy document.
- Cancel within it and the premium is refunded, less small deductions.
- It applies to new personal policies, not to renewals.
- Company group policies have no free look period; the employer agrees the terms.
What is the free look period?
A window to read a new policy properly and cancel it if it isn’t what you were told. IRDAI’s master circular of May 2024 sets it at 30 days from the date you receive the policy document, for health policies bought in any way: online, through an agent or through a broker.
What do I get back if I cancel?
The premium, less a proportionate charge for the days you were covered and any costs such as medical tests and stamp duty. The refund is due within a short time of your cancellation request. After the free look period, you can still cancel with notice and receive a proportionate refund, unless you have made a claim.
What should I check in those 30 days?
The parts that decide a claim. The waiting periods for pre-existing and specific diseases, any room-rent limit or sub-limits, co-payment, and the exclusions. Compare them with what you were told when you bought. If they don’t match, the free look period is when to act.
Do company group health policies have a free look period?
No. A group policy is a contract between the insurer and your employer, who agrees its terms before it starts. As an employee you don’t buy it, so there is nothing to look over and return. If something in your company policy concerns you, the time to raise it is before the next renewal, through HR.
Frequently asked questions
How long is the free look period in health insurance?
30 days from the date you receive the policy document, under IRDAI's 2024 rules, however the policy was bought.
Is the full premium refunded in the free look period?
Almost. The insurer can deduct a proportionate charge for the days you were covered and costs such as medical tests and stamp duty.
Is there a free look period on renewal?
No. It applies to a new policy, not to a renewal.
Does group health insurance have a free look period?
No. Group policies are agreed between the insurer and the employer, so there is no free look period for employees.
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A note on this page. Everything here is general information, not legal or financial advice, and nothing is an offer. Rules are per IRDAI’s Master Circular on Health Insurance Products, 29 May 2024, at the review date. For advice about your situation, talk to us.