Life Insurers to seek extension on implementing surrender value norms

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The story "Life Insurers to seek extension on implementing surrender value norms" was covered 8 hours ago by Business Standard, a news publisher based in India.

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Life Insurers to seek extension on implementing surrender value norms - Business Standard

Quick Summary:

According to sources, the insurers will need more time since revising all the traditional products and renegotiating commercials with the distributors on the revised products is a logistical challenge.

The total number of life insurance products in the industry stood at 917 in June 2024 while the industry had 927 products in May 2024.

Many analysts have said that since life insurers will have to pay higher surrender value on non-linked products, the internal rate of return (IRR) for customers may reduce.