Life insurance rule change: From October 1, 2024, you will get higher refund when you surrender your life insurance policy

From October 1, 2024, new IRDAI rules require life insurers to offer a higher refund when you surrender your traditional endowment policy, even after just one year of premium payment. This change means policyholders will get a guaranteed surrender value much earlier and the amount refunded will be higher than before, providing greater flexibility and liquidity if you decide to exit your policy early. The new norms primarily apply to policies issued after the rule’s implementation date and are designed to make life insurance more customer-friendly