IRDAI Introduces New Rules for Insurance Policies, Including Loan Facility and Refunds

The Insurance Regulatory and Development Authority of India (IRDAI) has announced significant reforms aimed at providing greater flexibility and benefits to policyholders. Under the new rules, retail policyholders can cancel their insurance policies at any time during the policy term and receive a refund for the remaining period. Additionally, life insurers are now mandated to offer a loan facility against life insurance policies. The reforms also include simplifications in motor, health, and home insurance policies to make them more accessible and beneficial for consumers.