Tuesday, November 19, 2019

The rule / new insurance policy from December 1 can be up to 15% more expensive

The rule / new insurance policy from December 1 can be up to 15% more expensive

Utility Desk: New rules for non-linked and linked insurance policies issued by the Insurance Regulatory Insurance Regulatory and Development Authority of India (IRDA) will be effective from December 1, 2019. All insurance companies will have to change the insurance product by November 30 according to the new rules. According to the IRDA, insurance companies are allowed to increase or decrease the policy premium by 15%. The IRDA has asked all insurance companies to change the insurance policy in accordance with the new rules by November 30.

LIC will close several policies

As part of the change, Life Insurance Corporation (LIC), the country's largest life insurance company, has also announced to close more than two dozen individual insurance policies, eight group insurance plans and seven to eight rider plans by November 30. However, LIC said it would relaunch these policies under IRDA rules in the future. According to one estimate, 75% to 80% of insurance policies under the new IRDA rules will close by November 30.
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A new insurance policy will be launched after February 29, 2020
The IRDA has asked all insurers to change their products under the new rules by November 30, 2019. IRDA said that products that cannot be changed under the new rules will be returned by November 30, 2019. Products that are being returned by insurance companies can be changed within three months ie February 29, 2020. It can then be relaunched as a product as a new product.
The old policy will have no effect

The IRDA said its new rules would apply to insurance policies sold after December 1, 2019. There will be no effect on the insurance policy that has already been announced. The premiums and benefits of the old insurance policy will continue as before.

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