B007🏦 Banking & FinanceReply draft
Mis-sold insurance policy — want to cancel
What you need to know
IRDAI mandates 15-day free-look period for all insurance policies from date of receipt. Can cancel for full refund. If sold under misrepresentation, cancellation is possible even after free-look period.
Your rights
1
15-day free-look period with full refund
2
Cancel after free-look if sold under misrepresentation
3
IRDAI complaint for mis-selling
4
Insurance Ombudsman complaint
What you should do now
Action first1
Write cancellation request immediately
- If within 15 days of receiving policy document — send written cancellation request
- Send by email and registered post to insurer
- For mis-selling beyond free-look — write to grievance officer with evidence of what was misrepresented
2
If insurer refuses
- File complaint with Insurance Ombudsman (cioins.co.in) or IRDAI Bima Bharosa portal
Acts applicable
IRDAI Regulations
centralFree-look period — 15 days mandatory for all life and health policies
Where to complain
Consumer complaint portal: e-jagriti.gov.in (replaced edaakhil.nic.in as of Jan 2025). Labour complaints: col.gujarat.gov.in. All links verified June 2026 via web search against official government sources.