New insurance rule: 30-day free-look period now to return unwanted, mis-sold policies; how much will you get back from insurer?

The new insurance rule granting a 30-day free-look period allows policyholders to return unwanted or mis-sold policies without incurring any penalties. During this period, if a policyholder decides to cancel their policy, they are entitled to receive a refund of the premium paid, minus certain charges such as stamp duty and medical examination fees, if applicable.

The amount refunded by the insurer depends on various factors, including the type of insurance policy, the premium paid, and any deductions applicable as per the terms and conditions of the policy. It's essential for policyholders to carefully review their policy documents and understand the refund terms before initiating the cancellation process.

Additionally, policyholders should communicate with their insurance provider or agent to ensure a smooth and hassle-free cancellation process and to clarify any doubts or queries regarding the refund amount. Overall, the 30-day free-look period provides policyholders with an opportunity to make informed decisions and ensures consumer protection in the insurance sector.

https://economictimes.indiatimes.com/wealth/insure/new-insurance-rule-30-day-free-look-period-now-to-return-unwanted-mis-sold-policies-how-much-will-you-get-back-from-insurer/articleshow/109263240.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst