What is Free Look Period in ULIP and How to Use It?

What Is a Free Look Period?

What Is a Free Look Period in ULIP?

Why Is the Free Look Period in ULIP Important?

Tips to Make the Most of Free Look Period in ULIP

FAQs on Free Look Period in ULIP

From which day does the free look period start?


The free look period generally starts when you purchase the insurance policy. In case of an offline purchase, it will start from the day you receive the policy papers, while for online purchases, it will be the day the insurer mails you the paperwork.

However, it may vary for different insurers; therefore, read the terms carefully before you make a purchase.

How long does the free look period last?

According to IRDA, you will be allowed a free look period of 15 days minimum for offline policies. On the other hand, this period may extend to 30 days for online policies and policies bought from a distance mode.

What are the details necessary to file a cancellation request?


Before filing a cancellation request or refund claim, you need to keep the following details and documents handy:

  • Date of receiving your policy documents
  • Reason for cancelling your insurance plan
  • A valid bank account where you can receive the refund
  • If purchased from an agent, then their details

Do I need to mention the reason for policy cancellation during the free look period?

Yes, if you wish to cancel your policy during the free look period, you must also state your reason. In that case, your provider will contact you to resolve any issue you have. However, if you wish to continue, you will receive a refund.