Good news, insurance buyers! Proposed 12x increase in free-look period may help you pick best policy—and patiently

In a big relief for the insured, the Narendra Modi 3.0 government has proposed to increase the free-look period from 30 days to 12 months—a 12 times increase from the timeframe currently available to insurance buyers to cancel a policy without bearing penalty. Experts say this is a significant move that can boost competition in the country’s insurance space while enabling customers to course-correct after picking a policy. Currently, a customer picking up an insurance product has only 30 days to change their decision without paying money in the form of penalty or surrender charges.