15/2/2024, 9:00:12 am

IRDAI proposes to raise free-look period for returning insurance policies

Indian insurance regulator may increase the free-look period from 15 days to 30 days, allowing policyholders more time to return policies they find unsuitable. The draft regulations also propose mandatory electronic issuance for policies with sums insured over Rs 100 or premiums over Rs 10, and obtaining nomination at time of issue or renewal.