Insurance Company Denied Free-Look Cancellation
You tried to cancel an insurance policy within 15 days of receiving the policy document (free-look period) but the insurer refused or did not process the cancellation properly.
⚖️Your Rights Under RBI Regulations
15-day free-look period is mandatory for all life insurance policies — you can cancel without giving any reason.
For policies sold through distance marketing (online, phone), the free-look period is 30 days.
Refund must include all premiums minus proportionate risk premium for the period covered and any medical examination charges.
💰 What You Can Recover
Full refund of premium minus proportionate risk cover and medical charges. Complaint to IRDA for regulatory action.
⏱ Response Deadline
File immediately on denial of free-look. Time-sensitive.
📋Step-by-Step — What to Do
Send written cancellation request to insurer by registered post within 15/30 days of policy receipt.
If denied, write to insurer's GRO.
File with IRDA at igms.irda.gov.in.
File with Insurance Ombudsman at ecoi.co.in.
🏛 Where to Escalate If Bank Doesn't Respond
IRDA IGMS + Insurance Ombudsman (ecoi.co.in)
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