As many of you know, I successfully canceled the LIC Policy during the Free Look Cancellation period. In my case, it is technically not a free look period. It is a period prior to it before the policy is approved. If you have already received a bond of the policy, then you can simply follow instructions on the bond and return it within 10 days. If you still need to write a letter (and it may not hurt to write a nice cover letter), then you can still use the template below. Just simply remove the second paragraph from this letter.
Date: <Today's Date>
Subject: Free Look Cancellation
Dear LIC Branch Manager:
I would like to put forth a request of cancellation for my insurance policy through this written notice. I submitted my application to the LIC Agent on and have also paid the premium to the agent.
To this day, I have not received any communication from the LIC. I have also not received any bond of the policy as it is still pending for approval. Since the policy has not been approved, I would like to formally request you to cancel this policy before it takes effect. Since I have not received any policy number from the LIC, here is additional information that may help you locate my policy documents.
Branch Code:
Branch Name:
Agent's Name:
LIC Agent's Agency Code Number:
Policy:
Policy Holder's Name:
Policy Holder's Date of Birth:
Annual Policy Premium:
The reason for cancellation of the policy is that I do not agree with the terms and conditions of this policy. I would like the effective date for cancellation to be <Today's Date>. I would appreciate a written confirmation from you within 30 days of the effective date on which the policy gets cancelled. Please reimburse the portion of my policy premium that is still unused at the address below.
Thank you for your timely consideration in this matter. If you need any additional information, please do not hesitate to contact me.
Sincerely,
XYZ
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