“The insured has a period of 15 days from the date of receipt of the documents to review the terms and conditions of the policy. Where the policy holder disagrees to any of those terms or conditions, he has the option to return the policy stating the reasons for his objection,” Insurance Regulatory and Development Authoritysaid. IRDA said that the policy holder would be entitled to a refund of the premium paid, however, expenses incurred by the insurer on medical examination of the insured persons and the stamp duty charges would be deducted. It also said that in cases where risk has already commenced, the proportionate risk premium for the period on cover would be deducted .
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