Health Insurance Plans

pays for your hospital bills for diagnostics, surgery etc.

I want to insure
{{adulterrortext}} {{childerrortext}}
With date of birth
/ / Enter Correct Age(Min 18 yrs)
Where eldest member is
Male Female
Type/Select City
Select a city from list
Living in
{{item.cityname}} {{citymatch}} Select a city from list
Mobile No.
Please enter valid mobile no.

Health Insurance: The Know How of Free Look Period

| |

Who needs health insurance

Health insurance is for all. Health Insurance premiums increase by age. If one obtains a health insurance early in his life, the amount paid as Premium will be much less as compared to buying it later in his life. Another point of consideration is that there could be certain ailments that come by age and if you take insurance after the ailment impacts you, it may be considered as Pre-existing condition. In many health insurance policies, per-existing condition may not be eligible for a Claim and even if it is, it will be after a long waiting period. So why wait and leave it to chance, which ever age group you belong to, it is prudent to buy health insurance to safeguard your future and stay in control.

Where to buy health insurance

You can browse the insurance aggregator site and to get through the details of the health plan as to what it covers vs. what not.

Oops, this health insurance is not for me, what do I do now

Have you ever felt after a shopping spree that 50 percent of the items bought were otherwise not needed? This happens often when a customer sees many alluring things in the mall. The same is possible while shopping for any health insurance as well. Since buying health insurance is not arduous these days with so many options in front of the customer, it is possible to have landed with a health insurance Policy that is not apt for you. Do not panic. There is a way out of this situation as well. There is something called Free look period when you buy any health insurance. If for some reason the policy holder decides that the current policy opted is not the right policy for him and wants to either change or withdraw

completely from that plan, then he has 15 days from the day of issuing the policy to do so. Free look period became effective from 2009 for health insurance. IRDA has mandated for all insurance companies in India to issue 15 day free look period for health insurance. Keep in mind, this period starts from the day the Policyholder receives the policy. So if you have an agent who is helping you out, ensure that he doesn’t delay the process of providing you the policy. Free Look period gives you a second chance to review and understand the policy that you have paid for.

How to utilize free look period

If you have decided after careful review that the policy is not the one for you, then you can withdraw or change the policy by providing the proof of the date of receipt. The cancellation request has to be submitted in written along with the policy related documents prior to the end of free look period. Once you meet the requirements of the free look period, you will receive the refund of your premium amount with a few deductions which includes:

  • Charges on Stamp Duty
  • Expenses incurred during any medical assistance
  • Mortality charge if any

So, you can be rest Assured that even if you opted for a health plan in haste or due to lack of understanding, you still have time to undo your mistake to get the best health insurance plan for you and your family.