IRDAI Finalizes Life Insurance Surrender Value Rules: Here's What Policyholders Need to Know

  • New Rules Effective April 1st: The Insurance Regulatory and Development Authority of India (IRDAI) has finalized regulations governing the surrender value of life insurance policies.
  • Minimal Change, Potential Impact: The new rules largely maintain existing surrender value structures, but may slightly decrease payouts in the initial years.
  • Gradual Increase Over Time: Surrender values will see a small rise if policies are surrendered between the fourth and seventh years.
  • Higher Returns in Later Years: Policyholders surrendering their plans in the last two years will receive a significant portion, nearly 90% of the total premiums paid.
  • Informed Decisions Key: Policyholders are advised to carefully review their policy terms and financial situation before surrendering a life insurance policy.

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