Inshort
New rules that restrict insurers from collecting the first premium together with the proposal form unless the policy may be issued immediately based on a statement of good health have been established by the Insurance Regulatory and Development Authority of India (IRDAI). This modification attempts to avoid issues with premium refunds in the event that the proposal is turned down or if further conditions are not fulfilled, as well as to stop customer funds from being unutilized with insurance firms until a policy is granted. A customer information sheet with important policy facts must be provided by general and life insurers at different points during the insurance process as part of the new regulations, which also require greater transparency from them. Furthermore, a 30-day free look period will now be included in health and life insurance policies, giving policyholders the opportunity to examine and even cancel their policies during this time without losing their money
