Life Insurance Policy: Every person must think about his future, and he should also take appropriate steps to achieve that. LIC can help you in making your future better. If you have your life insurance or are considering getting a new one, you must have some information about it.
From this month, some rules related to life insurance have been changed so that you can get more benefits. Indian insurance companies have now decided to give you more surrender value so that you will get more benefits.
According to media reports, many insurance companies and LIC have requested that the Insurance Regulatory and Development Authority of India amend the surrender value regulation so that people can get more benefits.
Along with this, the rules of its deadline were also requested to be increased. IRDAI has not commented on this yet, so it will be mandatory for insurance companies to follow the surrender value regulation from 1 OctoOctober 1much value will you get on policy surrender?
According to media reports, if you surrender your life insurance between the fourth and seventh years, you can get 50% of the total premium.
If you have taken a premium of Rs 2 lakh for a policy, then on surrendering this policy, you will get Rs 1.20 lakh as per the previous surrender value of the policy, in which you will get a premium of Rs 2 lakh and a bonus of Rs 40 thousand, of which you will get 50%.
According to the new rule, if you get the surrender amount, you can get a total of Rs 1.55 lakh, which will be applicable from October 1. You earn money after one year
According to the old policy rules, you will not get any refund if you surrender your policy. But now, according to the new regulations, the policyholder can surrender his policy after one year if he wants, and the insurance companies must refund some amount to the policyholder.
Suppose you bought a policy of Rs 5 lakh for ten years and paid Rs 50,000 in the first year. Then, according to the earlier rules, you do not get any refund.
However, according to the new rules, if you surrender to the insurance companies, you must return Rs 31295 of the one-year premium of Rs 50,000. Due to this, familiar people have a sigh of relief.