I recently been reading an article on Insurance industry in Outlook Money,
December 2007 issue. It says you can cancel your policy within 15 days of it's
issuance. It says "Policies can be cancelled within 15-days free look period"

Arvind Deshpande
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Dear Sir,

As far as my knowledge, if you cancell the policy within 15 days, you will get
the full refund.
May be because of the Targets to achieve, they have issued the policy on 28th
March.

I suggest, you call any other company for the same policy details, and also
enquire with them about the cancellation charges. They will tell you the truth
and then send an email to IRDA which is the Regulatory Body.

Regards,

Dear Amit,

I appreciate you response and thanks for guiding me. Since there is no way to
go to ICICI Lombard, how can I proceed the same to IRDA, any email account or
anyother way to reach the direct source.

Regards

Insurance companies play around this rule by sending you the policy >15 days
after issuance. I was at the receiving end from ING VYSYA last year. I received
the policy after >15 days and could not return it.

Many of them also have a claim period of 30 days. This means that if your
family/nominee does not stake a claim within 30 days, they get nothing!

In my opinion, LIC is still the most fair player compared to other companies.

Thanks,

Dear Sir,

You check again, that - From the date, Policy is Issued is 15 Days, or from
the Date You receive the Policy and then you have to count 15 Days.