Surrender Charges News Today

There must be provisions against mis-selling – for instance, measures to say that a 10-year premium payment policy cannot be sold to someone over the age of 60 years. If there is mis-selling, then there should be a mechanism to give the entire premium back to policyholders, says Kamlesh Rao, MD and CEO, Aditya Birla Sunlife Insurance. Tune into Simply Save for details.

Giving in to the life insurance industry’s demands, the insurance regulator has junked its December 2023 draft that proposed higher surrender values – payout on early exit – for policyholders.

IRDAI (Insurance Products) Regulations, 2024 merge six regulations into a unified framework aimed at enabling insurers to swiftly respond to evolving market demands, enhancing the ease of conducting business, and boosting insurance penetration. These regulations promote good governance in product design and pricing, including strengthening the principles governing guaranteed surrender value & special surrender value along with disclosures thereof, IRDAI said in a statement.

Some health insurance companies have proposed to introduce cohort-based pricing, which is akin to the claim-based loading that was abolished by regulator IRDAI in 2013. The proposal is completely illogical and immoral, says Kamesh Goyal

India Business News: MUMBAI: In a meeting with the regulator this week, chief executives of life insurance companies made representation on the cap on proposed surrender c.

Insurance regulator’s draft product regulations in December 2023 had proposed a surrender – or early exit – structure that promised higher surrender values (and lower surrender charges) and therefore, more money in the hands of such policyholders who may want to terminate their policies before the date of maturity.

Lower surrender charges would put more money in the hands of policyholders who were either mis-sold policies or couldn’t keep paying annual premiums. But those who choose to continue paying premiums till the end of the tenure could see their returns squeezed.

Former U.S. President Donald Trump is due to surrender at a Georgia jail on Thursday to face charges he illegally tried overturn the vote in the state in the 2020 presidential election which put Joe Biden in the White House.

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