The Insurance Regulatory and Development Authority of India (IRDAI) has suggested on February 14, extending the free look period for policies from the existing 15 days to 30 days. “The free-look period for the policies, obtained through any mode, shall be 30 days from the date of receipt of the policy document,” according to Irdai Protection of Policyholder’s Interests and Allied Matters of Insurers Regulations 2024. At present, life insurance policies mandate a 15-day free-look period, although it extends to 30 days for electronic policies and those acquired through a distance mode. Moreover, numerous companies provide a 30-day free-look period for all policies. Fundamentally, the free-look period enables a policyholder to reconsider the policy if they perceive it was misrepresented after a thorough review of the policy documents.