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Cancel term insurance policy and buy again

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11 Dec, 2020 by Ashwin Patkar

If I cancel my insurance policy from a insurance company in the look-period then can I buy it again from same insurance company or I have to buy it from another insurance company? Is there any waiting period to buy the policy again? Will it have impact on my profile? Also what happens to the EIA number from first policy?

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13 Dec, 2020
Team Beshak

Hello Ashwin,


  1. Would be interesting to understand why you would need to do this?
  2. Yes, you can buy an insurance policy from the same insurance company, even after you have canceled a policy within free look period. No there is no such waiting period.
  3. There is no impact on your profile when you cancel a policy in the Freelook period.
  4. eIA should be ideally integrated with the insurance company's systems and hence show the policy as canceled. eIA is an account that holds your policy in an electronic form - it should simply show your policy as canceled.
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20 Dec, 2020
Bwealthy Financials

Dear ashwin,

No issues you can cancel during freelook period without any issues. You can take again if you want. Not going to affect in any way.


If you need any assistance in term plan or any other financial services feel free to email at support@bwealthysolutions.com. I run a company Bwealthy Financial Solutions Private Limited. This is a company formed by doctors to aid in financial health without any bias.


With regards,


Dr Geomcy George

Director

Bwealthy Financial Solutions Private Limited

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