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Insurance is one of the most important aspects of your financial future because it keeps you and your family well protected from financial uncertainties. With all being said, it is, however, difficult finding a perfect insurance policy, that suits all your requirements.

Many of our clients hold an average of about 10-15 policies and are unsure of the next steps to take with regard to selecting the most appropriate. Questions normally asked are: Should we continue paying high premiums? Should we convert policies into paid up or should we surrender them?

Don't let these questions get the best of your decision making process. We are here to assist you with recommendations and solutions in order to rid yourself of unsupportive insurance policies.

Here are some of your options:

Cancellation of the policy during the Free Look Period:

We often find ourselves pushed into purchasing insurance policies by persistent sales agents that influence our understanding of the policy. In cases like these, we tend to overlook the fine print. The Free Look Period enables you to take a second look at your policy in detail.

This is a grace period offered to you (the policyholder) in accordance with IRDA guidelines. It is during this time that you can cancel the policy if the terms of the policy do not fall in line with your expectations. This option also protects you from forced sales tactics used by insistent sales agents. This Free Look Period allows for cancellation of the policy within a 15-day period from the date of purchase of the policy, if it fails to meet your expectations. Some companies also allow for a 30-day cancellation policy.

The cancellation process is fairly simple. You will have to fill out and submit a cancellation form stating your reason for cancellation along with your original policy documents.

Upon receipt of your cancellation form and accompanying documents, the insurance company will proceed to cancel your policy and refunding your premium. You will receive the refund of your premium less administrative charges, like stamp duty, medical charges (if you had undergone medical tests), proportionate risk premium charges (the time period during which risk cover was offered to you).

To avoid this inconvenience, it's always advisable to read the product brochure before signing up for any insurance policy.