Good news! People who buy life insurance or general insurance will soon have a nice benefit. Now, when you buy any insurance, you can try it out for 30 days without any worries.
This is called the ‘free-look period.’ During this time, if you don’t like the insurance you bought or find a better one, you can return it without paying any extra fees.
The free-look period means you can give back the insurance if you change your mind. Right now, the rule says insurance companies must give you at least 15 days to decide.
But soon, they might have to give you 30 days. This will help people have more time to think and decide if they want to keep the insurance.
The insurance regulator, IRDA, made a plan for this change. They want to make sure that all insurance policies, no matter how you buy them, give you 30 days to decide.
This way, people can understand their insurance better and ask questions if they don’t understand something.
If they still don’t like it, they can return it within 30 days without losing any money.”
