Purchasing insurance plans can be complicated for many people, especially unfamiliar with how insurance policies function. After paying the price, most customers obtain genuine insurance contracts. It’s where the free look period comes in.
What is the Free Look Period?
Consider a free look period to be a consumer-friendly feature devised by the Insurance Regulatory and Development Authority of India (IRDAI) that allows you to cancel a policy without penalties. The free look period allows you to reread and evaluate the insurance paperwork.
You have the option to cancel the policy during this time if you are dissatisfied with the coverage and exclusions conditions of the policy. The insurance provider establishes the free look period. As a result, you’ll be able to select whether or not to retain the policy in the future.
How Does Free Look Period Work?
As it’s a legal agreement, an insurance plan confers specific rights and duties on policy purchasers and insurance firms. After paying the projected premiums, you receive the insurance benefits outlined in the policy term. Within the first 15 days of receiving the policy contract, you can thoroughly evaluate it.
You may then use the free look time in insurance to clear up any worries and pose questions to your insurer. The latter is done to comprehend the policy contract, avoiding canceling the policy fully. But If you’re still unsatisfied with the policy, you may terminate it.
Why Consider Free Look Period?
Without a free look period, it’s practically difficult to evaluate the real insurance contract terms. The goal of a free look period in insurance is to give you adequate time to evaluate the policy terms before agreeing to pay the premiums.
Purchasing insurance without a free look is like purchasing a new house without first seeing it. Although insurers define every perk and restriction of an insurance plan, you can only review the intricate details after receiving the real policy paper.
It’s important to know if you are getting services suitable to what you may need in the future. Thus having a free look period is noteworthy.
At Roper Insurance Services, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (828) 697-6709. Get your free quote today by CLICKING HERE. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!