Bangalore: Do you feel trapped after buying an insurance policy which you don't anymore? It's possible as many times insurance agents convince you hard to buy policies even if they are not that suitable for you. In such cases it is not worth sticking to them for years together and feel sorry for taking a wrong policy decision. Here are few ways which will help you with a way-out from your insurance policy, as stated by Ramya Ramachandran, from Investmentyogi on behalf of Rediff.

The Free-Look Period

The free-look period is the earliest exit option provided by insurance companies which is also mandated by IRDA. During a look period, your insurer will give you 15 days to rethink about your purchase decision. Don't forget that the free look period starts from the day you receive the policy and not the date of its issue. So in case you feel the policy was mis-sold to you or you are not satisfied with it, return it back to your insurance company before the completion of the free look period and request them to return your premiums. The insurance company will return you the premium amount after deducting the cost of your medical tests, stamp duty and service charges.