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About this tool
Check your 30-day IRDAI free look deadline, estimate the refund after deductions and draft the cancellation letter to the insurer.
The free look period is the window in which a policyholder can return a newly issued insurance policy and get the premium back less a few defined deductions; under the IRDAI (Protection of Policyholders' Interests, Operations and Allied Matters of Insurers) Regulations, 2024 that window is 30 days from the date the policy document is received. This tool counts the window from your receipt date, estimates the refund after the proportionate risk premium for the days you were on cover, the medical examination expense and stamp duty, and drafts the cancellation request. It is for anyone who has just received a life, health or unit-linked policy and finds the terms are not what was sold to them.
Open Free Look Cancellation Letter Generator on AltFTool — it loads instantly in your browser.
Enter the values you already know.
Fine-tune the options to match your scenario.
Read the result and use it in your planning or reporting.
The 30 days run from receipt of the policy document, not from the proposal or the payment date.
Proportionate risk premium for days on cover, medical examination cost and stamp duty are itemised separately.
The request names the specific ground for return, which the free look provision requires you to give.
30 days from the date you receive the policy document, under the IRDAI regulations notified in 2024. This replaced the earlier 15-day window, which had been extended to 30 days only for policies sold through distance marketing or issued electronically.
The premium paid, less the proportionate risk premium for the number of days you were actually on cover, the expense the insurer incurred on your medical examination, and the stamp duty charged on the policy. On a traditional policy the refund is usually close to the full premium; on a unit-linked policy the units are repurchased at the price on the cancellation date, so a fall in the fund is borne by you.
From the date you received the policy document. Keep the courier tracking record or the email delivering the electronic policy, because insurers count from their own dispatch record and that is the point most often disputed.
Escalate in writing to the insurer's Grievance Redressal Officer first, and if there is no satisfactory reply within 15 days take the complaint to the Insurance Ombudsman under the Insurance Ombudsman Rules, 2017, or register it on IRDAI's Bima Bharosa portal. Keep proof of the date you sent the original request. For a disputed or high-value policy, consult a professional adviser.
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