How to cancel Tata AIA Life insurance policy during freelook period?

If you don't want to continue with your TATA AIA insurance policy, you have the option to cancel it within the first 30 days of activation of your policy. It is commonly known as the "Freelook Period". 

Here are the steps you need to take to cancel your policy - 

Nowadays, there is no option to cancel the policy online. You will have to visit your branch to submit the required documents and confirm your cancellation.

1. To cancel the TATA AIA Life insurance policy, you will have to fill up the "Freelook Cancellation Form" and submit the required documents like self-attested photocopies of PAN, Aadhaar and a signed cancelled cheque. 

You can find the Freelook Cancellation Request Form at the Tata AIA branch or you can download from here and print it out.

2. Make sure to fill all the details correctly, including your policy number. Any incorrect details will lead to delay and it will not be possible to cancel the policy if the time limit of 30 days is crossed. 

The eIA (Electronic Insurance Account) No. is the one sent to your registered email address. 

3. After submitting the documents, they will verify your identity and will take a photograph of yours at the office for confirmation. That's it. Your policy will now be processed for cancellation. 

After 7-10 days, you will get back the amount paid for the insurance policy into your linked bank account. 

You can track the status of your cancellation request on this page. You'll have to login with the OTP sent to your registered mobile number to view the details. 

In my case, even after I entered all the details correctly and also gave them a signed cancelled cheque which clearly had my bank details like the account number of the bank, they were not processing the policy, saying that the bank NEFT details are not with them. 

After that, I had to update the bank details on the online website of Tata AIA Life Insurance. 

Go to the Tata AIA Life insurance website and update the NEFT details. The page for this particular submission is this - the NEFT Updation Form page.

So try to do everything on your part, carefully and correctly, so that your application will get processed without any delay, within the Freelook Period itself.