IRDA PROPOSED 5 changes in life insurance policies
5 changes in life insurance policies and what they mean for you The Insurance Regulatory and Development Authority of India (IRDAI) has extended the revival period 5 five years from the current 2 years in respect of non-linked products. Five changes in life insurance policies and what they mean for you On October 26, 2018, IRDAI (Insurance Regulatory and Development Authority of India) has PROPOSED significant changes in life insurance policies aiming to give a better understanding of the product, the regulator has set considerable benefits for its policyholders. Have a look at these five important changes proposed by IRDAI and understand what it actually means for you: =|1|= Minimum death benefit has been made 7 times for regular premium products and 1.25 times for single premium products for all ages. Current status: The current status for less than 45 years of age is 10 times and for greater than 45 years, it is 7 times to be e...