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Mumbai: From October 1, life insurance companies will pay you a surrender value even if you surrender your policy after completion of the first policy year. The Insurance Regulatory and Development...
LIC Dhan Vriddhi plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the life assured.
If IRDAI considers increasing the surrender value, it will likely impact insurance companies's profitability as well as policyholder’s behaviour, analysts said.
The surrender values for life insurance policies will see a decline when policies are surrendered within the first three year, as per the newly released guideline.
Life insurance premiums have undergone some revisions, mainly in the aftermath of COVID-19. I don’t see any significant movement happening this financial year, said Subhrajit Mukhopadhyay.