Quote on IRDAI raising the Free-Lock period to 30 days by Mr. Apaar Kasliwal, Executive Director at PolicyBoss.com
Below the quote on IRDAI's recent move on raising the Free-Lock period to 30 days by Mr. Apaar Kasliwal, Executive Director at PolicyBoss.com
"We really appreciate this move of IRDAI. It again reinforces the customer centricity of our insurance regulator in ensuring greater transparency for policyholders. Sometimes, in the rush of buying policy esp around FY end, customers tend to believe what’s being said and basis that finalise the buying decision. The nitty gritty around specifics are only known once the policy document is received and given the complexity in certain products, it takes a longer time to review and understand the finer details.
Given that the scope of coverage comes with conditions and clauses of exemption, it becomes complex for customers to understand quickly.
We are confident that by extending the free look period to 30 days, it will allow ample time for policyholders to be thorough in their understanding and help curb the malpractice of misselling.
Along with the 30 days period, there should be a helpline of an advisory panel given by life insurance companies during those 30 days’ time where customers can call and get suitable solutions for their queries and clarify their doubts. This will help the customers to understand the policy dynamics directly from the insurers and in case there’s a mismatch of the expectations and a policy offering, the same can be attended to satisfactorily."
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