New rules of insurance companies: A review for life insurance :- Apart from Bollywood, we also get to learn valuable life lessons from Insurance companies. As we all know, there is uncertainty in every moment of life. Therefore, it is necessary for us to get insurance at the right time. After which, if something unexpected happens, we and our family will not suffer any loss.
In this context, IRDAI has recently issued new rules. These rules have come into effect from 1 April 2024. These rules include some key changes.
1. Use of digital policies:
From now on, Insurance Companies will have to implement only digital policies. These new rules are a step to modernize the insurance sector.
2. Surrender Rule:
if a person surrenders his life insurance policy before 3 years, the surrender value will be reduced. But if the policy is surrendered within 3 to 7 years, the surrender value will increase.
3. Guaranteed Surrender Value:
In a non-single premier life insurance policy, the individual will get a guaranteed surrender value. This means that if the policy holder has paid premiums for at least 2 years, he will get a fixed amount of surrender value.
These new rules are a good attempt at reforms in the insurance sector. These rules are in the interest of consumers, so that they can manage their life insurance policies in a timely and correct manner.
END RULES: You must support these rules as they promote safety and security for you and your family. Be prepared to understand the new rules of insurance companies and apply them to your life insurance policy.
