Bought an insurance policy by mistake? Cancel it in the free-look period
Updated 2026-10 · General information, not legal advice.
Insurance policies have a free-look period after you receive them. If the terms are not what you were told, you can return the policy and get a refund of the premium, less certain costs.
When to use this
- The policy is not what the agent promised
- You were pushed to buy a policy you did not want
- You bought a policy tied to a loan or bank account
Step by step
- 1
Check the free-look period
It is stated in your policy document, usually 15 to 30 days from receipt, depending on the type of policy.
- 2
Send a written cancellation request
Write to the insurer, with the policy number, your reason and your bank details for the refund. Keep proof of delivery.
- 3
Expect small deductions
The insurer may deduct a proportionate risk premium, stamp duty and medical costs, if any.
- 4
Escalate if refused
If the insurer refuses or delays, use its grievance officer, then IRDAI's Bima Bharosa portal and the Insurance Ombudsman.
Key facts
- Act within the free-look period; it is short
- Look for "free look" in your policy document
- Never take an insurance policy under pressure
Get your free action plan
Tell us what happened. We show your options, draft the letters and track every deadline.
Common questions
How long is the free-look period?
It depends on the policy and the sales channel; check your policy document for the exact days.
Will I get all my premium back?
Usually the premium less proportionate risk cover, stamp duty and any medical costs.