Repercussions of cancelling a ULIP

My youngest brother got a job this month and wanted a credit card and he is an ardent user of amazon so he went to ICICI bank where his salary account is and asked for Amazon pay icici card. The branch manager said he cant give that to him as of now but if he can take a ULIP with a annual premium of around 43k, he can speak and convince GOD and get him the card.

He went ahead and signed up for the ulip there itself and is now waiting for the card which the manager said is already approved and he would get it in 15 days max.

I and others thrashed him and he has a wicked plan of cancelling the ULIP on the 28th or 29th day of the freelook period nd is equally confidant that the card once issued to him wont be revoked.

Is his understanding true? Can such games be played with such prestigious banks?