What is the free look period in an insurance policy? Can an insurance policyholder get the full payment on canceling the new policy in the free look period?

In insurance policies, a free look period is a time or duration when the insurance policyholders can cancel their newly bought policy without any penalties or surrender charges. Generally, it is a period of 10 to 15 days, but it depends on the insurance company and can vary. During the free look period, the policyholder can decide whether or not to keep the insurance policy. If the policyholders are not satisfied with the benefits or services, they can cancel the contract and receive a full refund.

So, it is possible to get a full refund if the policyholder cancels the insurance policy within the free look period.

Note: Free-look period is available only for life insurance policies.