Finance Comic on June 19: IRDAI brings good news

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[{"selector":"#anim-341ca597-694e-4701-8944-a8726707d292 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.499999772451451%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d1cf930f-33a8-4036-8853-f570c926fe30","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e08717bf-ca79-491c-9ac4-a3bf4eb5606a","keyframes":{"transform":["translate3d(106.37119%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The Insurance Regulatory and Development Authority of India (IRDAI) has mandated a higher special surrender value (SSV) for traditional endowment policies.

[{"selector":"#anim-1ad6bfc4-c9e9-4f3d-a8d7-bf71eabd9e1b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.53468987441958%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9db14107-d737-4dfb-8490-89db2d193e8d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fe90bbe2-9dfc-4b7e-9315-64b670a06da8","keyframes":{"transform":["translate3d(106.37119%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] As per the new rule announced in IRDAI’s Master Circular on Life Insurance dated 12th June 2024, policyholders can receive a portion of their premium back even if they surrender their policy after one year.

[{"selector":"#anim-9762791b-1af5-4f10-9a8b-5dff08315bad [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-fa183488-5d08-41a1-ba5c-08bd54289d98","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-800aec7b-5c25-4690-9675-8b1d1297e02c","keyframes":{"transform":["translate3d(106.37119%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] This change aims to provide customers with increased liquidity and flexibility in case they decide to switch policies.e

[{"selector":"#anim-1ab2eb11-8b5e-4f88-83bf-78ff2628bb79 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.499999772451451%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-18b21950-a851-4fde-86f4-7fc20d1ad4cf","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f36c9710-cbba-4d8f-9898-4077239c5125","keyframes":{"transform":["translate3d(106.37119%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] According to the circular, the special surrender value of a life insurance policy must be at least equivalent to the present value of the paid-up sum assured, future benefits, and accrued benefits.

[{"selector":"#anim-21216232-31a9-46dd-8e92-49ae0f230118 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-de52aa8e-b9b5-4ed6-a8ce-7289282da900","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8ee6592f-d0f0-42f2-802a-72725d225ad0","keyframes":{"transform":["translate3d(106.37119%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] This value is calculated using a formula based on the number of premiums paid and the sum assured. Learn more

[{"selector":"#anim-58847021-e06a-4ca4-9374-333d764173b8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.499999772451451%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6a5d2022-225b-411c-ae21-6926e136a151","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2c235a10-90d6-4ffe-adcd-719fdd2a8605","keyframes":{"transform":["translate3d(106.37119%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Overall, the introduction of higher surrender values and improved transparency in benefit illustrations represents a positive step towards protecting the interests of policyholders and promoting justice in the insurance sector. See Next