The IRDAI has taken a baby step to potentially reduce the costs for a policyholder when she surrenders the policy earlier than the maturity period
The insurance regulator’s December 12 draft on product regulations has led the life insurance industry, which had an annual premium collection of almost ₹7 lakh crore in the financial year 2021-22 to go into a huddle. It has caused the stock prices of insurance companies to fall in a rising market. However, the group that should be cheering — the prospective policyholder — is clueless about the impact of these draft regulations.
