Buy insurance policies can become confusing to many, especially those who do not know much about how insurance policies work. In most cases, people receive actual insurance contracts after paying the premium.
It is nearly impossible for you to review the actual insurance contract language without a free look period. Here, the purpose of a free look period in insurance is to provide you enough time to assess the policy wordings before you commit to paying the premiums.
Home inspection before purchase is a good analogy to understand free look period. To buy insurance without a free look period is like buying a new home without inspecting it beforehand. Although the insurers outline every benefit and limitations of an insurance policy, you can only check the finer nuances once you receive the physical policy document.
Although India's insurance industry follows a highly ethical approach in this regard, you, as a policy buyer, have a right to review the insurance contract before making a final decision. The free look period gives you the time you need for policy assessment.
In reality, many people trust the local insurance agents blindly and opt for an insurance policy they suggest without going into the details. In some cases, the insurance agents may try to convince people to buy an insurance policy that does not fit their needs well.
You should also consider free look period to get some ‘cool-off’ time away from an insurance agent or financial advisor. It is the time when you can look into the details of the policy from your perspective.
At Max Life Insurance, we educate the policy buyers first to help them choose the best insurance policy that matches their financial needs and life goals. By putting valuable information in their hands, we help them avoid the policy purchase's stress, thus ensuring utmost satisfaction. You can check the insurance premium online using our life insurance premium calculators.