A free look period in an insurance policy is a buffer period that allows you to understand the policy’s terms, coverage, etc., and decide whether you want to continue with the policy or not. It is like a second chance for you to understand the policy’s offerings and match them with your requirements.

In case you find it inadequate or insufficient, you can return it. TATA AIG’s MediCare Select plan comes with a free look period of 30 days from the date of receipt of the policy document. It applies to both online and offline purchases. During the period of 30 days, you can return the policy at any time if you think it is not meeting your requirements.

If you have not made any claims during the free look period, you will receive a refund of the premium paid. The refunded amount will be adjusted for the proportionate risk premium for the days covered and other charges like stamp duty, if applicable.

As per the guidelines of the IRDAI, all the policies issued from 1st April 2024 shall have a free look period. This feature is an excellent way to allow the insured to make careful assessments and determine if the policy is actually suitable as per their requirements.

The free look period typically lasts for 30 days, during which you have the liberty to return the policy and get a refund.

Here is how the free look period in health insurance works.

• Step 1 - Policy Purchase and Free Look Period Begins

You purchase the health insurance policy either online or offline. The free look period starts from the date you receive the policy document.

• Step 2 - Review Policy Terms and Conditions

Review the policy details, including inclusions, exclusions and other conditions, to check if it meets your requirements.

• Step 3 - Initiate the Return Request

If you feel the policy does not align with your specific requirements, you can initiate a return request within the free look period.

• Step 4 - Get a Refund

If no claims were made during this period, you will receive the premium paid after applicable deductions.

Please Note: If you make a decision post the 30-day period, you may not be eligible for any refund.

• No Interrogation - As soon as the policyholder wants to return the policy, their request is granted without any interrogation or enquiry. This makes the process smoother, and you don’t have to worry about any questions or explanations being asked.

• Simple Process - Getting a refund under the free look option is a simple process. All you have to do is inform us about your decision, and we shall process the refund. There are no lengthy processes or cumbersome formalities to complete.

• Sufficient Time Limit - Under TATA AIG’s MediCare Select plan, the free look period lasts for 30 days. This time limit is sufficient for you to study the policy details, coverage and terms and decide if it suffices your needs. During this period, you can think calmly and make a well-informed decision without any hurry.

• Applicability - The free look period is applicable to all types of plan options, including individual, family floater with newborn coverage, etc. Thus, you can benefit from this under any type of plan that you may have purchased.

• Minimum Documentation - To avail of the benefits of the free look period for the TATA AIG MediCare Select plan, you require only minimal paperwork. You may be requested to provide the original policy document, premium receipt and a cancelled cheque.

• Allows Thoughtful Decision - The free look period in insurance allows you to think carefully, assess all the aspects of the plan and decide if it is going to be sufficient for you. Thus, you can make thoughtful decisions over a sufficient period of time without haste.

• Saves You From Financial Losses - Since you are eligible to get a refund of the premium, it saves you from incurring a significant loss. In the absence of the free look period, you would not be able to get a refund of the premium paid.

• No Hefty Penalties - The best part about the free look period is that even if you decide to return the policy, you are not charged hefty penalties. On return of the policy, you are eligible to get a refund of your premium after deduction of nominal administration and other charges that may be incurred on your behalf.

• Customer-Centric Approach - With the free look period, the TATA AIG MediCare Select plan boasts a customer-centric approach, giving much importance to customer satisfaction. It shows that the main aim of any insurance product is to provide adequate protection and coverage to the customers before anything.

The process to return under the free look period for TATA AIG MediCare Select insurance is very straightforward. Here are a few steps that you must follow.

• Step 1: Go through the policy documents to find out if it meets your requirements or if you want to return it.
• Step 2: If you decide to return it, contact us and inform us about your decision.
• Step 3: Submit a written request by visiting any of our branch offices or emailing us at customersupport@tataaig.com.
• Step 4: Attach the necessary documents, such as the premium receipt, policy copy, etc., for verification.
• Step 5: After verifying the application, your request will be processed, and the refund will be issued after deducting the necessary charges.

For any assistance regarding TATA AIG plans or enquiries about the free look period, you can connect with the customer service department (022-6489-8282) and have all your doubts cleared. We are happy to assist you 24/7.

• The free look period for the TATA AIG MediCare Select insurance plan begins from the day you receive the policy document. Therefore, if you receive the policy on 1st May, either physically or electronically, the free look period will commence on the same day and last until 31st May.
• If you want to return the policy, you must follow all the guidelines and steps outlined by TATA AIG, such as timely intimation, document submission, etc.
• Your refund will be processed after deducting the applicable expenses.
• Your refund request may be denied if you have made any misrepresentation, fraud, or concealed material facts while purchasing the policy.
• Return of the policy under the free look period is available only if you have not made any claims during the free period under the TATA AIG MediCare Select plan.
• To get a refund, it is important to complete the required documentation. Incomplete documentation may hinder the refund process.

TATA AIG MediCare Select plan provides you with the option to return the policy under its free look period of 30 days.

However, before you decide to return, it is necessary to learn about the plan coverage, benefits and features. TATA AIG MediCare Select is a customisable health insurance solution with various optional covers and riders designed to meet your unique requirements. It offers unlimited restoration of the base sum insured, access to full policy benefits anytime for multi-year policies and much more.

You can choose to purchase it as an individual health insurance plan or family floater policy, depending on what best suits your healthcare needs.

Besides, you have the freedom to choose the policy tenure of 1/2/3 years, along with sum insured options ranging from 5 lakhs to 300 lakhs. You can also buy health insurance online and avail a professional discount of 7.5%, which is extended to salaried individuals.