The Exposure Draft by  Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024 envisages Doubling the Insurance policy Free-look period or Trial period from 15 days to 30 days.

The free look period is given to a policyholder to assess the policy document and one can Terminate the policy during the free look period without giving any reasons. It's like No questions asked during any Goods Returned as done by the leading E-Com player.

Policyholders will have more time to review and detect any discrepancies between what was promised and what is actually provided in the policy document. If they are not satisfied with any conditions which they were told at time of purchase then they can cancel the policy and get a full refund of the Premium amount paid. 

This can significantly reduce instances of pressure selling, mis-selling and frauds as customers have the opportunity to scrutinize the policy details in their own space.

It also fosters trust between the Insurers, Insurance Intermediaries & Agents and policyholders by demonstrating a willingness to prioritize the interests of customers and ensure they have adequate time to make well-informed decisions.