IRDAI (Protection of Policyholder's Interest) Regulations 2017 provides 15 days 'free look' period from the date of receipt of policy document and period of 30 days in case of electronic policies. As a policyholder, you can examine the insurance policy and opt out if you are not satisfied with any conditions/ features mentioned in the policy.

In case you opt out, the premium paid will be refunded after deductions for expenses like those for a medical examination, cost of proportionate risk cover, stamp duty etc..

In case you opt out of an Unit Linked Policy during the free look period, you shall be entitled to an amount which should at least be equal to non-allocated premium plus charges levied by cancellation of units plus fund value at the date of cancellation less expenses,if you return the policy stating the reasons for your objection.