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The Insurance Regulatory and Development Authority of India (IRDAI) has tweaked some of the key norms pertaining to life insurance products.
As per the Gazette notification, issued by the regulatory, the minimum death benefit in the non-linked policy has been decreased from 10 times to seven times. In the non-linked policy, policyholders will get a fixed amount if the policy is surrendered after two years. The revival period for this policy has been increased from two years to five years.
In the Unit-Linked Policies, if it has a surrender value during the first five years, it will become payable only after the completion of the lock-in period. After the lock-in period, the surrender value shall be at least equal to the fund value as on the date of surrender.
With regards to pension products, policyholders can withdraw 25 per cent of the insured during an emergency, including a serious illness, marriage and the education of their children.
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