IRDAI mandates policy loans, extends free look period, allows partial withdrawals and faster ombudsman award implementation in Indian life insurance sector.
India's IRDAI mandates policy loans for all life insurance savings products to help policyholders meet liquidity requirements. IRDAI's new rules also increase the free look period for policyholders from 15 to 30 days, allow partial withdrawals under pension products for specific financial needs, and require insurers to implement insurance ombudsman awards within 30 days. These measures aim to foster innovation, enhance customer experience, and improve overall satisfaction within the insurance sector.
June 12, 2024
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