India's IRDAI retains existing surrender charges in life insurance products, addressing industry concerns.
India's Insurance Regulatory and Development Authority (IRDAI) has retained most existing surrender charges in life insurance products, providing relief to investors and life insurance companies. The regulator had initially proposed raising surrender values in draft regulations, sparking concerns that higher short-term exits by policyholders could occur. However, following industry feedback, IRDAI has chosen to maintain the current surrender values. The new guidelines will be effective from April 1, 2024.
March 25, 2024
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