Yes, a policyholder can seek refund of premiums if he/she disagrees with the terms and conditions of the policy. However, this can be done only within 15 days of receipt of the policy document. This 15-day period is called the free-look period.
The policyholder will be refunded the fund value, including the charges levied through cancellation of units. However, this is subject to deduction of expenses towards medical examination, stamp duty and proportionate risk premium for the period of cover.