Policy Loan Facility Mandatory In Life Insurance Savings Products: IRDAI
NDTV
In case of surrender of policies, reasonableness and value for money is to be ensured for both surrendering policyholders and continuing policyholders, IRDAI said.
Regulator IRDAI on Wednesday said the facility of policy loan is now mandatory in all life insurance savings products, enabling policyholders to meet liquidity requirements.
Issuing a master circular which consolidates all regulations with regards to life insurance policies, the Insurance Regulatory and Development Authority of India (IRDAI) also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier.
The latest master circular follows a similar exercise by the regulator for general insurance policies.
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