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My friend’s dad made a costly mistake...

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Previously, if you surrendered the policy within the 2-3 years, you wouldn’t receive any refund of the premiums paid.

Even after the 4th year, you’d only get 30-40% of the total premiums.

But now thanks to IRDAI, your surrender value will almost be doubled!!

Surrender value will be calculated as present value of
(a) paid-up sum assured on all contingencies covered and
(b) paid-up future benefits (such as income benefits), if any, and
(c) accrued/vested benefits, duly allowing for survival benefits already paid (whatsoever name called), if any
Paid-up value is calculated as per a formula: number of premiums paid X sum assured/total number of premiums payable.

To arrive at the expected present value of the paid-up sum assured and paid-up future benefits, Irdai has specified a maximum spread of 50 basis points (bps) over 10-year G-Sec.

[Anushka Rathod, finance, insurance, news, India]
#anushkarathod #finance #insurance #news #india

[ayushjain]

Aap long videos banaiye loans ke regarding like 5-10 minutes with full details, so we can understand in more depth

[expeditingvineet]

Is it applicable on policies taken in the past?

[kunniyahoo]

will this new rule be applicable on policies which I took 3 years back ?

[TheGautamsarswat]

I have Jeeva Anand policy 7 year premium paid. Closed in Dec 2023. I was less paid than my premium. Want to know can I claim now

[RocketBadger]

Are they idiots they can take loan against their policy