IRDAI Regulations 2024: Comprehensive Overview of Policyholder Protection and Insurer Operations
5. Definitions applicable to Part A
Chapter 5 - Servicing of Policyholders
Free Look Period of Life and Health Policies
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Explanation using examples
Example 1: Understanding the Free Look Period for a Life Insurance Policy
Introduction: John, a 35-year-old software engineer, recently purchased a life insurance policy from XYZ Insurance Company. He received the policy document electronically on March 1, 2024.
Application: According to Section 20, Sub-section (1) of the IRDAI Regulations, 2024, John has a free look period of 30 days from the date of receipt of the policy document to review the terms and conditions. This means John has until March 31, 2024, to decide whether he agrees with the pol
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