Is the free-look period applicable only for life insurance?
No, even health policies will now get a window of 15 days from the time you receive your policy, to return it if you do not want it. In this case, the insurer will return the premium paid. However, costs like administration and medical examination will be deducted from the premium to be returned.
Is the free-look period applicable to all types of health plans?
Yes, it will be applicable to both indemnity and defined benefit plans. The former one reimburses you the cost of hospitalisation up to the sum insured, whereas a defined benefit policy pays a lump sum on diagnosis of specified illness. Even a personal accident cover will now allow a free-look period.
