What is the Free Look Period for Insurance Policies?

What is Health Insurance and what is the free look period for insurance policies?

Medical emergencies are unpredictable and never come knocking. Health insurance can protect you and your family from any medical expenses due to any illness. This insurance will cover medical expenses ranging from hospitalisation expenses to doctor's consulting charges and even the cost of medicines. With the free look period in health insurance, it is very easy to try it on for size. Keep reading to find out what is the free look period in insurance policies.

Aditya Birla Health Insurance Policy(ABHI) is present in more than 2300 cities across India, with access to more than 10,000 hospitals in the country. With premiums starting as from as low as ₹7,000, ABHI offers the widest range of products along with incredible quality services. We also offer a free look period in health insurance. Some of our most popular health insurance policies include

1. Activ fit: With premium starting at ₹6,863 per annum, this plan offers health benefits along with rewards and amazing discounts
2. Activ Health Platinum Enhanced Insurance Plan offers 100% health returns at ₹7,937 per annum with access to modern treatments and other medical facilities
3. Activ Assure Diamond Health Insurance Plan provides 360-degree protection for you and your family by offering a budget-friendly premium of ₹7,149 per annum
4. Activ Assure Diamond + Super Health Topup Combi Health Insurance Plan gives the maximum insurance coverage of ₹1 crore at an annual premium of ₹10,768 per annum.

But what if you are unhappy with the quality of the insurance product purchased or you feel that the terms and conditions mentioned are unfavourable? What if you feel that the insurance coverage is inadequate for you and your family? That's when the free look period in health insurance comes in.

What is a free look period for insurance policies?

The Free Look Period shall be applicable on new individual health insurance policies, except for those policies with tenure of less than a year. Free-Look shall not be applicable on renewals or at the time of porting / migrating the policy. The Insured Person shall be allowed Free Look Period of thirty days from date of receipt of the policy document, whether received electronically or otherwise, to review the terms and conditions of the policy, and to return the same if not acceptable. lf the Insured has not made any claim during the Free Look Period, the Insured shall be entitled to:

• i. Refund of the premium paid, less any expenses incurred by the Company on medical examination of the Insured Person and stamp duty charges, where the risk has not commenced or
• ii. Where the risk has already commenced and the option of return of the policy is exercised by the Insured Person, a deduction towards the proportionate risk premium for period of cover, expenses, if any incurred by the Company on medical examination of the Insured Person and stamp duty charges or
• iii. Where only a part of the insurance coverage has commenced, such proportionate premium commensurate with the insurance coverage during such period, expenses, if any incurred by the Company on medical examination of the Insured Person and stamp duty charges.

How to cancel during the free look period in health insurance?

At Aditya Birla Health Insurance, cancelling an insurance policy is a very simple process.

• Contact the support department:
  The first step is to get contact the support department of the company to submit a cancellation request for the policy, whether during or after the free look period in health insurance.
• Sending a written request:
  The support department will ask you to send a request in writing, along with your policy details and the free look period in health insurance. In case of an online process, you can visit the Aditya Birla Health Insurance website and fill out the cancellation form or send an email to customer service to start the process.
  Otherwise, you can download the cancellation form from the website or call our customer care. After this, you can visit the nearest branch or consult your financial advisor to know about your free look period in health insurance and submit the form in written format.
• Remember to send your policy details:
  You need to add all the information about the health insurance policy you purchased, including the free look period in health insurance. These include:
  • Policy details
  • Date of receipt of policy papers
  • Insurance agent details (if any)
  • Reasons for cancelling the policy
  • Bank account details for the refund
• Offering solution:
  At Aditya Birla Health Insurance, we value our policyholders and customers. That's why we offer such an accommodative free look period in health insurance. Our team will try to provide you with a solution if you have any difficulty with the policy. However, if you still wish to cancel within the free look period in health insurance, the cancellation process will be started from our end.
• Deductions to be made, if any:
  The company will deduct the following after the free look period in health insurance:
  
  • Stamp duty charges
  • The proportionate risk premium for the coverage period
  • Any expenses incurred paid by the policyholder towards a medical test
• Getting the refund:
  After this process, ABHI will send an official cancellation email or letter to you, which will indicate that the policy does not exist anymore.

What happens if you cancel after the free look period in health insurance?

Even after the free look period in health insurance, the policy can be cancelled. In case of an Indemnity health insurance, The Policyholder may cancel his / her policy at any time during the term, by giving 7 days notice in writing. The Company shall
a) refund proportionate premium for unexpired policy period, if the term of policy upto one year and there is no claim (s) made during the policy period.
b) refund premium for the unexpired policy period, in respect of policies with term more than 1 year and risk coverage for such policy years has not commenced.
To learn more about our products, visit our website https://www.adityabirlacapital.com/.