देखिये Life Insurance wrap 2019: Regulator IRDA steps in to enhance product features, makes them customer-friendly

“Sabse Pehle Life Insurance,” was the life insurance industry’s first unified advertisement campaign started this year. While the industry has been looking to attract more eyeballs, the insurance regulator has ensured that the product

per se became more investor friendly by modifying the surrender clauses, changing the revival period and ensuring that customers understand what they are paying for, through customised benefit illustrations.

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While the fresh policies compliant with these rules were supposed to have hit the market from December 1, 2019, the insurance regulator IRDA granted a two-month extension to life insurers. These firms were given additional time to roll out the new compliant products owing to the challenges in system preparedness and training. But there would be no further extensions and, hence, by February, you can be assured of getting life insurance policies with improved features.

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