The free lock-in period is basically a time when you can analyze and study your Kotak Term plan to ensure it offers you everything you need and you don’t make the wrong investment choice. During this period you can check specifications such as the tenure of the policy or the sum insured to meet your needs. It also comes with the option to cancel in case you want to discontinue with the plan. If you cancel at this time, apart from charging a minimum fee, the premium is returned to you.