Insurance: If you are not satisfied with the conditions, you will now be able to return the policy within 30 days...

Insurance regulator IRDAI has proposed to increase the free look period from 15 days to 30 days if the company is not satisfied with the terms and conditions. The regulator has also asked to make nomination mandatory for life insurance policies.

The regulator sought opinion till March 4
At present, if any insured is not satisfied with the terms and conditions, he/she can opt out of the policy within the 'free look' period of 15 days from the date of receipt of the policy document. However, if the policy is purchased online then this period is 30 days. The regulator has sought opinions on these proposals till March 4.

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a draft proposal to integrate several provisions of various rules related to insurance. In this draft, it was said about protecting the interests of policyholders,

     The free-look period for policies obtained through any mode will be 30 days from the date of receipt of the document.

According to this draft proposal, the insurance company should collect details of the insured's bank accounts at the proposal stage itself to enable electronic transfer of policy refunds and payment of insurance claims. IRDAI has also proposed to remove the need for insurance companies to submit information about their advertisements to the regulator.

IRDA is bringing insurance facility for convenience
For the convenience of insurance buyers and sellers, IRDAI is launching an insurance electronic marketplace called Bima Sugam. A draft for setting up Bima Sugam has been issued and opinions have been sought from all stakeholders by March 4.

This platform will have all types of insurance-selling companies, intermediaries, and customers, where consumers will be able to purchase insurance at their convenience. Information about all types of insurance will be in front of them and they will be able to buy any insurance from this platform without paying any fee.

Customers will also be able to make their claim on the Bima Sugam platform and will be able to see all the information online like how far the claim process has reached. It is being formed as a company. There will be a chairman to oversee it.

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