I just bought a policy and I am having second thoughts.
Every life insurance policy in India comes with a free look period, which starts when you receive the policy document. If, having read it, you decide the policy is not what you understood it to be, you can return it and get your money back less some specific deductions.
This exists precisely because insurance is sold faster than it is understood. Use it: read the death benefit, the maturity benefit, the premium paying term, and the surrender conditions, and check that all four match what you believed you were buying.
If any of them do not match, that is exactly what the free look period is for — and it is far better to use it than to keep paying into a policy you did not intend to buy.
What LIC's policy documents say, plan by plan
Quoted from each plan's official brochure. The wording is LIC's, not ours — open the source document to read it in full context.
LIC's Amritbaal (Plan 774)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of Policy Document, whichever is earlier, stating the reason of objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and Rider, if any) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges
LIC's Bima Jyoti (Plan 760)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and Rider(s), if any) for the period of cover, expenses incurred on medical examination(including special 18 reports, if any) and stamp duty charges.
LIC's Bima Kavach (Plan 887)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and rider(s), if any) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.
LIC's Digi Credit Life (Plan 878)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.
LIC's Digi Term (Plan 876)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.
LIC's Jeevan Lakshya (Plan 733)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document , whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and rider(s), if any) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges. 18
LIC's Jeevan Tarun (Plan 734)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base policy and rider, if any) for the period of cover, expenses incurred on medical examination (including special reports, if any), and stamp duty charges.
LIC's Jeevan Utsav (Plan 771)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of Policy Document, whichever is earlier, stating the reason of objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and Rider(s), if any) for the period of cover, expenses incurred on medical examination, special reports, if any and stamp duty charges.
LIC's Nav Jeevan Shree (Plan 912)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and Rider(s), if any) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.
LIC's New Children's Money Back Plan (Plan 732)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base policy and rider, if any) for the period of cover, expenses incurred on medical examination (including special reports, if any), and stamp duty charges.
LIC's New Endowment Plan (Plan 714)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base policy and rider(s), if any) for the period of cover, expenses in- curred on medical examination (including, special reports, if any), and stamp duty charges.
LIC's New Jeevan Amar (Plan 955)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document , whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and Rider(s), if any) for the period of cover, expenses incurred on medical 11 examination (including special reports, if any), and for stamp duty charges.
LIC's New Jeevan Anand (Plan 715)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 daysfrom the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base plan and rider(s), if any) for the period ofcover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.
LIC's New Jeevan Sathi - Limited Premium (Plan 889)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium [for Base Policy and Rider(s), if opted for] for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.
LIC's New Money Back Plan- 20 Years (Plan 720)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document stating the reasons for objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base policy and rider(s) if any) for the period of cover, expenses incurred on medical examination(including special reports, if any) and stamp duty charges.
LIC's New Money Back Plan-25 years (Plan 721)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document stating the reasons for objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base policy and rider(s) if any) for the period of cover, expenses incurred on medical examination(including special reports, if any) and stamp duty charges.
LIC's Saral Jeevan Bima (Plan 859)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons of objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period of cover and expenses incurred on medical examination and stamp duty charges, within 15 days of receipt of the request.
LIC's Yuva Credit Life (Plan 877)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document , whichever is earlier, stating the reasons for objections. On receipt of the same, the Cor- poration shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.
LIC's Yuva Term (Plan 875)Show
Free look period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy ) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.
Does this affect a policy you hold?
Send us the plan name or policy number and we will tell you exactly where you stand — including for policies bought through another agent.
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