Toolkit A — Free-Look Period Checklist (Life & Health)

For new individual Life insurance policies with a policy term of one year or more, IRDAI’s Master Circular on Protection of Policyholders’ Interests, 2024 (dated 5 September 2024) provides a free-look period of 30 days from the date of receipt of the policy document, for all modes of sale.

For new individual Health insurance policies with a policy term of one year or more, IRDAI’s Master Circular on Protection of Policyholders’ Interests, 2024 (dated 5 September 2024) similarly provides a 30-day free-look period from the date of receipt of the policy document. Older policies/products (or policies issued under earlier circulars) may carry different free-look terms—always check the specific clause and dates in your schedule and policy wording.

Older policies or short-term products may have different terms. Always check the specific clause and dates in your schedule and policy wording.

Checklist:

• Locate the “Free-Look” clause in your policy wording and note the deadline date.

• Send any cancellation request to the insurer’s official customer service/grievance email (not only via agent) to create a timestamped record.

• Expect deductions as per the policy wording (for example, proportionate risk premium for time on cover, stamp duty, medical costs where applicable).

Primary sources: IRDAI Master Circular on Protection of Policyholders’ Interests, 2024 (dated 5 September 2024) — Free Look Period clauses for Life and Health insurance policies.

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Toolkit B — Free-Look Cancellation Email Template

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Subject: Free-Look Cancellation Request — Policy No. [XXXX]

Dear [Insurer Customer Service/Grievance Team],

I am requesting cancellation of the above policy under the Free-Look provision. I received the policy document on [DATE], and this request is within the applicable free-look period.

Please confirm receipt of this request by email, share the expected refund amount and deductions (as per policy terms), and confirm the refund timeline.

Regards,

[Name]

[Registered mobile]

[Policy number]

[City]

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Toolkit C — Grievance Escalation Path (Insurance)

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Escalation steps (education only):

• Step 1: Insurer customer service/grievance officer (keep all acknowledgements; allow the insurer time to respond as per its process).

• Step 2 (If available): Ask if the insurer offers any internal review mechanism (for example, an Internal Ombudsman or similar escalation, if and when implemented under applicable IRDAI guidance, including any exposure drafts issued in 2025) for a second review.

• Step 3: IRDAI’s online grievance redressal system/portal (such as Bima Bharosa) for registering, tracking, and escalating unresolved complaints, as available on IRDAI’s official website.

• Step 4: Insurance Ombudsman — you may approach the Insurance Ombudsman where eligible, subject to the monetary limit (currently up to INR 50 lakh for awards/compensation under the Insurance Ombudsman Rules, as amended) and other conditions set out in the latest official rules. Always verify current thresholds, timelines, and procedures on official resources before acting.

Safety note: Official grievance systems do not charge fees for filing complaints. Be cautious of anyone asking you to pay to “release” a refund or “approve” a complaint.

 

Toolkit D — Bank Locker Letter (Term Deposit / Product Linking Clarification)

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Context: Use this template if a bank branch indicates that a term deposit (FD) or a third-party product purchase is required as a condition for locker allotment, especially when you have an existing operative account. This is an educational template—adapt it to your situation and remain polite.

Template letter:

To,

The Branch Manager,

[Bank Name], [Branch]

 

Subject: Request for Locker Allotment / Clarification on Term Deposit Requirement

 

I am an existing customer of your branch. If applicable, I maintain Savings Account No. [XXXXX] with your branch. I request allotment of a safe deposit locker and a written confirmation of the waitlist position (if no lockers are currently available).

 

I confirm that my Savings Account is operative, with regular transactions and sufficient balance to cover locker rent (for rent deduction), and request that it be treated in line with the “satisfactory operative account” concept referred to in RBI’s Revised Instructions on Safe Deposit Lockers issued on 18 August 2021.

 

If you require a term deposit in connection with a new locker allotment, please confirm that any such requirement is within the RBI framework (not exceeding the equivalent of three years’ rent and the charges for breaking open the locker, if applicable) and share the calculation in writing.

 

I also request written confirmation that locker allotment is not being made conditional on purchasing any third-party product, in line with the said RBI instructions.

 

Please provide your response in writing on email/letterhead.

 

Regards,

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Toolkit E — Motor Insurance Policy Schedule & Add‑On Checklist (Education Only)

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Use this checklist to understand what your motor policy schedule says (base cover, optional add-ons, deductibles, and key exclusions). This is general information for your reference; always verify your own policy wording and the insurer’s current terms before acting.

Checklist:

• Locate the policy schedule and note: policy type (third‑party only / package/comprehensive), policy period, vehicle details, IDV, NCB, and the premium breakup.

• Break the premium into line items: (a) base cover components shown on the schedule (e.g., third‑party liability, own‑damage, personal accident cover if included), (b) deductibles/excess, and (c) optional add-ons with separate premiums (if shown).

• For each add‑on listed (examples: zero depreciation, engine protection, return‑to‑invoice, roadside assistance): read what triggers it, the key exclusions, and whether it is a service benefit or a claim benefit.

• Check deductibles and conditions that affect claims: compulsory excess, voluntary deductible (if any), depreciation terms, consumables coverage, glass/tyre exclusions, and documentation requirements.

• Ask for written clarification from the insurer/agent: which items are mandatory vs optional on your specific schedule, the premium for each add‑on, and whether removal/addition changes the premium or claim conditions.

Optional email template (for written clarification):

Subject: Request for motor policy schedule clarification — Policy No. [XXXX]

Dear [Insurer/Agent],

 

I am reviewing the motor policy schedule for Policy No. [XXXX]. Please confirm in writing:

1) The premium breakup for base cover components and each add-on (if applicable).

2) Which items are optional add-ons versus base cover components on my schedule.

3) The applicable deductibles/excess and any key exclusions that materially affect claims.

 

Regards,

[Name] | [Registered mobile]

[Name]

[Customer ID]

[Mobile]

[Date]