With the new financial year commencing on April 1, several changes will come into effect that may impact your financial life. Below, we outline some of the significant ones and offer guidance on how to navigate them effectively.
New regulations on surrender value
The Insurance Regulatory and Development Authority's (IRDAI) final regulations on the surrender value of insurance policies will come into force from April 1. Surrender values are expected to maintain their current levels or decrease if policies are surrendered within three years. If they are surrendered between the fourth and the seventh year, surrender values may increase slightly.
Surrender value is the amount insurers pay when a policyholder surrenders his or her policy prematurely.
"A policy's surrender value will depend on its tenure: policies surrendered within the first three years will yield lower surrender values while longer tenures will result in higher values," says Naval Goel, chief executive officer (CEO), PolicyX.
Bu hikaye Business Standard dergisinin March 30, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin March 30, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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