Important Facts About Free Look Period of a Health
Plan
The Insurance Regulatory Development Authority (IRDA), which is an
autonomous apex body intended for the regulation of the insurance industry
in India has issued several notifications with regard to...
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Important Facts About Free Look Period of a Health
Plan
The Insurance Regulatory Development Authority (IRDA), which is an
autonomous apex body intended for the regulation of the insurance industry
in India has issued several notifications with regard to the free look period
associated with insurance policies including health insurance.
A free look
period for an insurance policy is that period of time before which a policy
buyer after buying insurance is allowed to terminate the insurance contract
and get a refund for the premium without having to incur any penalties or
charges.
One of the key reasons why IRDA has made it mandatory for insurance
companies to provide a free look period is to make sure that individual
buyers are not duped by the insurance advisors with regard to the key policy
terms and conditions.
Some cheap health insurance companies may promise
about benefits which may not be available, while some companies understate
the premium costs for subsequent years and chea
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