There have been several new rules and regulations introduced in the Indian insurance sector recently. Here are some of the key changes:
Life Insurance:
- Higher Surrender Value: From October 1, 2024, policyholders can receive a higher surrender value for traditional endowment policies. This allows for more flexibility and liquidity for those who want to switch policies.
- Guaranteed Surrender Value from First Year: Policyholders are now eligible for a guaranteed surrender value from the first year, even if they have only paid one annual premium. This provides more flexibility for early policy termination.
Health Insurance:
- Reduced Pre-existing Disease Waiting Period: The maximum waiting period for covering pre-existing diseases has been reduced from 4 years to 3 years.
- Reduced Moratorium Period: The moratorium period has been reduced from 8 years to 5 years, meaning insurance companies cannot reject claims based on non-disclosure of pre-existing diseases or misinterpretation after 5 years of continuous coverage.
It’s important to note that these are just some of the recent changes in the Indian insurance sector. It’s advisable to consult with a qualified insurance advisor to understand the implications of these changes on your specific needs and to make informed decisions about your insurance coverage.
You can find more detailed information on these changes and other relevant updates on the websites of the Insurance Regulatory and Development Authority of India (IRDAI).
