Insurance Awareness - Life Insurance - LIC
In term insurance, what is the 'free look period' as per IRDAI regulations for policies sold through distance marketing?
In term insurance, what is the 'free look period' as per IRDAI regulations for policies sold through distance marketing?
medium Q6 of 15
Step-by-Step Solution
Step 1: Understand free look period
The free look period allows policyholders to review the policy and cancel it if unsatisfied.Step 2: IRDAI guidelines
For policies sold through distance marketing (online, phone), IRDAI mandates a 30-day free look period.Final Answer:
30 days → Option CQuick Check:
IRDAI's 30-day free look period for distance selling is well established, confirming 30 days.
Quick Trick: Distance selling = 30-day free look.
Common Mistakes:
MISTAKES- Confusing free look period duration for offline and online sales.
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