Insurance Practices

Game Changer for Policyholders: 30 Days to Say Yes or No: IRDAI Extends Policy “Free Look” Period

The Insurance Regulatory and Development Authority of India (IRDAI) is proposing significant changes to insurance regulations, as outlined in the draft Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024. The key proposals include extending the “free look” period for policy returns to 30 days, making nomination mandatory for life policies,…