Quick answer: IRDAI’s current life-insurance product master circular provides a 30-day free-look period from the date you receive the policy document to review the terms and cancel if you are not satisfied, subject to the applicable regulations and policy conditions. Do not rely on the older 15-day versus 30-day split.
Prove the receipt date first
Keep the policy-delivery email, e-insurance repository record, courier proof or another insurer record showing when the policy document was received. The free-look clock is tied to receipt, so an unrecorded conversation with the agent is poor deadline evidence.
Send an unambiguous cancellation request
Use an insurer channel that creates a timestamp and service/reference number. State the policy number, receipt date, that you are exercising the free-look cancellation option, and the bank/refund details the insurer legitimately requests. Keep a copy of everything submitted.
The insurer says the free-look request was late
Read the shipment record: The insurer says the free-look request was late
Compare the insurer’s policy-delivery record with your email, repository or courier evidence and the timestamp of your cancellation request.
Open the right case: The insurer says the free-look request was late
Ask the insurer to state the receipt date and deadline calculation it used. Escalate through the insurer grievance officer with the full timeline if the dates do not match.
Confirm the case is closed: The insurer says the free-look request was late
The insurer either processes the cancellation or gives a written decision based on an identifiable receipt date and rule.
Escalate with shipment evidence: The insurer says the free-look request was late
If the grievance remains unresolved, use Bima Bharosa and, where eligible, the Insurance Ombudsman with the same delivery and submission evidence.
Do not promise a full premium refund without checking deductions
The applicable regulation/product terms can permit specified deductions. Ask for the insurer’s written refund calculation rather than assuming every rupee of premium must return. For investment-linked products, valuation treatment can also matter.
If a claim or other material event has occurred
Do not assume the normal free-look outcome still applies. Contact the insurer in writing immediately and ask how the event affects cancellation/refund under the policy and current rules.
Official sources
- IRDAI circulars — current Master Circular on Life Insurance Products and policyholder-protection circulars.
- IRDAI Bima Bharosa — official insurance grievance registration and tracking.
- Council for Insurance Ombudsmen — current Ombudsman eligibility and complaint information.