Big decision of IRDAI, now you can cancel the insurance policy anytime, you will also get a refund
Big decision of IRDAI, now you can cancel the insurance policy anytime, you will also get a refundThe Insurance Regulatory and Development Authority of india (IRDAI) has changed the rules regarding insurance policy. In the new rules, the best option has been given for canceling the insurance policy.Big decision of IRDAI, now you can cancel the insurance policy anytime, you will also get a refundThe Insurance Regulatory and Development Authority of india (IRDAI) has made many rules related to insurance policy very easy. Under this, policyholders can cancel their insurance policy with certain conditions. Not only this, policyholders can also get a refund for the remaining period of insurance. At the same time, under the new rules of IRDAI, now general insurance companies will not be able to reject the claim without documents.Refund will be given after canceling the policyIRDA has issued a master circular. This circular explains the new rules related to insurance policy. IRDA said that if the policyholder cancels the policy, he does not need to give the reason for it. If the customer cancels the policy, then the insurer should return the proportionate premium for the policy period which has not expired.However, in respect of policies with a duration of more than one year, the insurer will have to return the premium for the policy period which has not expired and the risk coverage for such policy years has not started. According to the circular, the insurer can cancel the policy only on the basis of fraud being proved. For this, the insurer will be able to give a minimum notice of 7 days.The claim will not be rejected if the document is not availableAccording to the circular of IRDA, the claim will not be rejected if the document is not available. Necessary documents should be asked for at the time of acceptance of this proposal. The buyer can be asked to submit only those documents which are directly related to the claim settlement. These include driving license, permit, fitness, FIR, untraced report, postmortem report etc.Along with this, every customer should be given an information letter (CIS) so that every customer can know about the policy in simple words and understand it well.