IRDAI Regulation 10 May 2025 · 6 min read · 5 reads · Knowledge Cafe

IRDAI Master Circular on Policyholder Protection: Stricter Timelines & Penal Interest

Reference: Insurance Regulatory and Development Authority of India (IRDAI)

IRDAI Regulation · 6 min read · Bima Sahayak Legal Research Desk

IRDAI's Master Circular on Protection of Policyholders' Interests overhauls how policies are sold, serviced, and settled in India:

Mandatory Customer Information Sheet (CIS): Every policy must be accompanied by a plain-language summary of coverage, waiting periods, limits, and exclusions.
30-Day Free-Look Period: Extended free-look cancellation period of 30 days across life and health policies to combat mis-selling.
No-Claim Bonus & Portability Rights: Enhanced protection when porting policies between insurers without losing accrued waiting-period credits.

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