15 Days Lock-In period for Health Insurance Policies
As of now there is no lock-in or test period for the health insurance policies. That meansinsurance companies once sold the policies to the customer then there is no way for the customer to cancel the policy for any reason. Insurance Regulatory and Development Authority(IRDA) feels that insurance companies misusing this and selling the policies to the customer with false statements. This step is taken in favour of the customers.
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