Higher refund on premature exit from life insurance policy as IRDAI introduces new surrender value rule; check how much you will get
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, worked through examples showing a policyholder exiting after four years would get about ₹1.55 lakh under the new norm against ₹1.2 lakh earlier, supplied the article's surrender value table, and called the change a welcome step for consumers.
More of Abhishek's views on insurance
Economic Times explains the IRDAI master circular of 12 June 2024, which sets a higher special surrender value for traditional endowment policies, discounted at the 10-year G-Sec yield plus at most 50 basis points. The article works through what a policyholder would get back on leaving early, including after only the first full year's premium, and notes insurers had until 30 September 2024 to apply it. It includes comments from Abhishek Kumar.
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Higher refund on premature exit from life insurance policy as IRDAI introduces new surrender value rule; check how much you will get
