If you bought a wrong policy or a victim of Miss-Selling, then it can be avoided:- Over time, the scope of the insurance sector is increasing in the country. In such cases, the incidents of selling or buying an incorrect policy are also increasing rapidly. Most insurance agents or advisors often sell wrong policies to customers due to earning more commission. In this case, it is important for people to consider two things before buying any insurance policy.
If you have fallen into the same problem of a wrong policy, then the free look period can definitely help you in this situation.
How to Avoid Buying the wrong policy: Let us know that the free look period applies only to Life and Health Insurance Policy. It is given on purchase of a policy for more than three years. A policy document is sent to the policyholder so that they can read it well. Only after reading it properly decide whether this policy is beneficial for you or not. After buying the policy, if you feel that the policy is not of your work, you can return it. This applies only to purchase a new policy, not on the renewal.
What happens is the free look period: Understand the free look period in simple language, it is kind of like a replacement guarantee given by e-commerce companies. Insurance companies offer free look period to most policyholders. Underinsurance directives of IRDA [Insurance Regulatory and Development Authority], there is a free look period of 15 days after getting the policy document. Policy documents are sent to their home address as soon as the policyholder purchases an online or offline policy. The 15-day free look period starts when you get the document. In this, you can cancel the insurance policy with no reasonable penalty for no penalty within 15 days.