MORE BANG FOR YOUR BUCK
If you are planning to buy life insurance, you must know that IRDAI (Insurance Regulatory and Development Authority) has introduced significant changes in non-linked and unit-linked insurance policies to make them more customer-friendly and transparent. Effective February 1, only products complying with the new guidelines have been on offer. The old ones have been withdrawn or refiled with IRDAI. Existing policyholders, though, will have to wait. The regulator is yet to define guidelines to extend the benefits to ongoing policies.
As per the new regulations, you can make partial withdrawals from ULIPs (Unit Linked Insurance Plans), withdraw more money from your pension plans, have defined and uniform surrender value across insurers and make use of extended revival periods for lapsed policies.. Here are the major changes in life insurance policies and how they will impact you:
