News From Press 30-day free-look period for insurance policies: How to use this effectively

30-day free-look period for insurance policies: How to use this effectively

Source: Business Standard Jun 5, 2024

After buying insurance, when you read the policy documents carefully, you may come across some terms and conditions that you were not aware of. So what do you do if the policy does not align with your requirements or long-term financial goals? Well now you have 30 days to cancel it. In a move to further protect consumer’s interest, the Insurance Regulatory and Development Authority of India (IRDAI) has increased the free-look period for new insurance policies from 15 days to 30 days, effective April 1, 2024.

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