Starting Oct 1, 2024, India's IRDAI increases life insurance surrender value payouts from 50% to 70%.
Starting October 1, 2024, India's Insurance Regulatory and Development Authority (IRDAI) will enhance surrender value payouts for life insurance policies, increasing the minimum refund from 50% to 70% of total premiums for surrenders between the fourth and seventh years. This change aims to provide better returns for policyholders but may lead to increased premiums or reduced agent commissions, impacting the insurance market. Life insurers are adjusting to these new requirements.
September 30, 2024
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