The free-look period is the window within which you can return your life insurance policy if you don't like it. The insurance regulator mandates a free-look period of 15 days starting from the policy receipt date. For electronic policies, it is 30 days. Every new life policy comes with this clause. The premium paid --minus the insurer's expenses on medical tests, stamp duty and proportionate risk premium - will be refunded, provided you haven't filed a claim. Judicious use of this window can help nip in the bud cases of mis-selling.