Agencies
New Delhi, July 15: Insurance Regulatory and Development Authority (IRDAI) on Monday issued new rules for life insurance products, including ULIP and non-linked products.
As per the new rules, the minimum death benefit in non-linked policy has been decreased from 10 times to 7 times.
In non-linked policy, the customer will get a fixed amount if the customer surrenders the policy after two years. The revival period for the non-linked policy has been increased from two years to five years.
Experts told that the changes in rules of life insurance products are going to help the customers in the long run.
The minimum duration for a single policy has been fixed at five years.
As per the new rules, the customers will be allowed to withdraw 25% of the insured sum from pension products. This can be done only in the time of emergency, including serious illness, marriage and education of children. |
