Financial LiteracyRegulationThe Economic TimesMarch 28, 2024by Monika Halan0Life insurance: IRDAI retracts on low surrender value proposal; know applicable surrender charges from April 1, 2024

The Insurance Regulatory and Development Authority of India (IRDAI) has announced the final set of surrender charges in non-linked or linked life insurance products — traditional endowment policies. These charges are going to be effective from April 1, 2024. The move is in favour of the life insurance companies in India.

According to the latest regulations set by the regulator, the surrender values will largely remain unchanged when compared to the existing surrender charges. “The IRDA (Insurance Products) Regulations, 2024, is largely maintaining the status quo as far as the surrender values of non-linked or linked life insurance products are concerned,” said Emkay Global in its research report.

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