The official website of the Insurance Regulatory and Development Authority (IRDAI) is back online that was inaccessible to its users for more than an hour on Tuesday. The site went down around 12 pm. If one tried to open the site, a message was appearing on the screen confirming the outage. IRDAI had said that it was working to restore the site as soon as possible. It had advised the users to check the site again in sometime.
“Our services aren’t available right now. We’re working to restore all services as soon as possible. Please check back soon,” the outage message read.
What is IRDAI’s free-look period extension?
Meanwhile, recently, the insurance watchdog proposed the extension of the ‘free-look’ period. The proposal said that instead of the usual 15 days, the free-look period will now be extended to 30 days. In simple terms, this change of rule would give additional time to the users to analyse their insurance policies before they decide to make a long-term commitment.
Experts term the free-look period as a ‘test drive’. The period will allow the policyholders to check the coverage details, looking at the finer details of the terms. The most appealing part of the free-look period is that in case a user feels that the policy is not exactly serving the purpose, she/he can cancel it without any fine.