IRDAI Decreases Minimum Death Benefit In Non-linked Policies from Ten Times To Seven Times
The Insurance Regulatory and Development Authority of India (IRDAI) announced that it has brought some changes to the key norms of life insurance products in the country. The minimum death benefit in the non-linked policy has been decreased from 10 times to seven times. In the non-linked policy, policyholders will get a fixed amount if the policy is surrendered after two years. The revival period for this policy has been increased from two years to five years, as per a Gazette notification issued by the IRDAI.