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Monday, May 27, 2024

IRDAI proposes increasing free-look period to return insurance policies

<p>The Insurance Regulatory and Development Authority of India (IRDAI) has suggested extending the free-look period, or the time frame during which policyholders may return insurance products, from the existing 15 days to 30 days in order to assist consumers and prevent misselling.</p>
<p><img decoding=”async” class=”alignnone wp-image-412496″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-irdai-proposes-increasing-free-look-period-to-return-insurance-policies-2024-2larg.jpg” alt=”theindiaprint.com irdai proposes increasing free look period to return insurance policies 2024 2larg” width=”1074″ height=”792″ title=”IRDAI proposes increasing free-look period to return insurance policies 21″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-irdai-proposes-increasing-free-look-period-to-return-insurance-policies-2024-2larg.jpg 700w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-irdai-proposes-increasing-free-look-period-to-return-insurance-policies-2024-2larg-150×111.jpg 150w” sizes=”(max-width: 1074px) 100vw, 1074px” /></p>
<p>This policy is one of the ones suggested to safeguard policyholders’ interests, as many times clients discover the coverage they purchased isn’t right for them. In the event that the policyholder wishes to return the policy, the insurance provider must reimburse the premiums paid at the time of purchase, less any relevant proportional risk premium during the free-look period and any costs associated with medical examinations.</p>
<p>“We really appreciate IRDAI’s action. It highlights once again how our insurance regulation prioritizes the needs of its customers by guaranteeing policyholders’ openness. We support standardizing the 30-day free-look period for all health and life insurance contracts, according to Apaar Kasliwal, executive director of PolicyBoss.com.</p>
<p><strong>safeguarding customers </strong></p>
<p>The insurance regulator proposes to increase the period of time that policyholders may return insurance policies from the existing 15 days to 30 days in order to safeguard policyholders’ interests.</p>

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