The period is proposed to be raised to 30 days from the 15 at present for all policies
The RBI has mandated banks to offer a three day grace period for customers to pay outstanding total due amount mentioned in the statement.
To initiate the process of cancelling the policy, you must download the free-look cancellation request form from the insurer's website.
If you think the insurance policy does not suit your requirements, there is a window of 15 days during which you can approach the insurer and get rid