If the customer does not like the policy, they can return it within 30 days. They can cancel it online.
The insurance regulator IRDA has also asked insurance companies to give the option to cancel it online after issuing an e-policy. IRDA has said that customers can now cancel it online during the free-look period. This facility will be applicable to all insurance policies made during the year 2020-21. The duration of the free look is 30 days. If the customer does not like the policy, they can return it within 30 days. He can cancel it online.
Rebate for sending documents to insurance customersÂ
Irda’s notification states that insurance companies have also been exempted from the rule of sending policy documents to policy holders. IRDA said that this exemption will be valid for the policy to be issued during 2020-21. In fact, due to the Kovid-19 crisis, the policy document being sent by the insurance companies is delayed in reaching the customers. After this, IRDA decided in the matter of delivering the policy document.
30-day free-look period for an insurance policy
IRDA has said that insurance companies will have to give 30 days to their customers to see and understand the policy. If not satisfied with this, the customer can cancel the policy online. Meanwhile, IRDA has cautioned customers about phone calls in their name. IRDA has said that it does not sell any insurance policy nor does any claim settlement. Irda has said that complaints should be lodged against such calls that carry out forgery in its regional offices. IRDA has said that people keep getting calls from those doing fraud. In it, they describe themselves as officers or representatives of IRDA. During this, breathtaking offers are offered. These are outside the purview of the insurance policy. Irda said that they mislead people by taking the name of Insurance Transaction Department, RBI or any other government agencies.
