What is “COOLING OFF” PERIOD?

[PolicyWala]

“COOLING OFF” PERIOD
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy back to the insurance company within 15 days. The insurance company will return back you the premium without asking any question.

Yes, It is valid for all the LIC policies.

[Deep Blue]

Thanks Policywala for your reply.
Now it is valid for all Health Insurance policies as per IRDAs new circular.