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No plan to bring clawback clause: LIC
Business Standard
|November 12, 2024
State-owned Life Insurance Corporation of India (LIC) has realigned its commission structures for its distributors in accordance with new surrender value norms but has no plans to introduce any "clawback", it said in a post-earnings analyst call on Friday.
"It depends on our experience because the new products have been filed from October 1," said Siddhartha Mohanty, managing director and chief executive officer.
The insurance regulator has revised the surrender value norms, and the revised ones came into effect on October 1. According to those, companies have been mandated to pay enhanced special surrender value (SSV) to policyholders after the completion of the first policy year if the customer has paid one full-year premium.
Previously, companies did not pay such an amount to customers surrendering their policies in the first year.
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