Correct me if i'm wrong - Every Insurance in India has to have a free-look period.
In this period, you can cancel your policy anytime, resulting in a refund of the premium paid by you.
Taken below from a post by SBI:
Generally, when you make a purchase of insurance policy, you receive the policy documents via post or in digital format in some cases. The free look period begins on the day you receive your policy documents, whether in a physical form or digital. In case of physical documents, you get a free look period of 15 days to review the policy, and in case of digital documents only, you get a free look period of 30 days
You get ample time to review the policy terms and conditions and compare them with the information conveyed to you before you purchased the policy. Make sure you carefully analyse the coverage and exclusion details, claim settlement ratio, policy wording, etc.
If you don’t wish to cancel the policy, you don’t have to do anything. However, if you wish to cancel your newly purchased policy, give an intimation to your insurance provider within the free look period in writing via email, a post letter, or something similar. The exact procedure for cancelling the policy may vary from insurer to insurer, but you can find the process on their official website.
Once your insurer receives your cancelling request, they will start initiating the refund after deducting their expenses incurred in issuing you the policy. You will receive the refund likely in your original payment method within a reasonable timeframe.
