Free-look period with Insurance policies
Regret buying that expensive insurance policy? . There is hope of getting back back your money if you act soon enough . Often investors end up buying insurance products from hard selling agents without being sure of product payoffs . After you purchase the product you may realize that the insurance cover is inadequate , or that a large part of your premium has gone towards advisor fee , or that the policy document contains certain exclusions or conditions that you had not been informed of earlier. Fortunately there is an option to take an exit from these products . We are referring here to the 15 day FREE – LOOK in period that the IRDA has made mandatory for all life insurance products. The Free Look in Period a period starting from the date of receipt of policy document ,in which the insurance company agrees to pay back your premiums without charging the investor any mortality charges . Up to the end of this period, you are free to re-think and reverse your insurance purchase decision...