The free-look period or cooling-off period offered by LIC under this plan is 15 days. The policyholders can cancel the New Jeevan Mangal Plan if they are unsatisfied with the terms and conditions of the policy within a period of 15 days commencing from the date of receipt of the original policy bond. The cancelation of the policy within the cooling-off period can be done by returning back the policy to LIC stating the valid reason for such cancellation. Upon receipt of such request, LIC shall cancel the policy and return the premium paid by deducting certain charges pertaining to stamp duty, a proportionate premium for the period covered etc.