Key Points
One is mandatory e-Insurance policies for new policyholders and the other is regarding the surrender charges of the life insurance plans such as endowment policies..
Here's what policyholders need to know:. e-Insurance mandatory for new policyholders from April 1, 2024..
These surrender charges are effective from April 1, 2024: Policyholders must knowThe Insurance Regulatory and Development Authority of India has announced the final set of surrender charges in non-linked or linked life insurance products traditional endowment policies..
"This status quo provides a big relief to the life insurers, who otherwise had the tough task of balancing the impact of increased surrender value to the lapsing customers by tinkering with the distributors payout, providing benefit to the persistent policyholders, and maintaining shareholders profitability (VNB margins)," says Emkay Global...
"IRDAI in its latest Gazette Notification issued in March 2024 has maintained the status quo after building hope for policyholders by floating a consultation paper on increasing the surrender value for life insurance policies in December 2023..
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Insurance new rule: e-Insurance in demat like format mandatory for all new policies from April 1, 2024; wh
29, Mar, 24e-Insurance policies new rule: The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to hold new insurance policies in electronic format from April 1, 2024. e-insurance refers to the process of acquiring and managing insurance policies electronically. Policyholders can purchase insurance and store digital policy documents in a dedicated e-Insurance Account (eIA). This eliminates the need for physical documents and simplifies managing various insurance policies, including life, health, and general insurance coverage. What policyholders must know about this new IRDAI rule