Private sector Max Life Insurance Wednesday said it has completed the process of implementing changes across its entire individual product portfolio in line with the product regulations set by the Insurance Regulatory and Development Authority of India (IRDAI).
This makes Max Life one of the first life insurers to offer a full range of restructured individual product portfolio, including linked products, non-linked products and retirement/pension products, to its customers before the Irdai stipulated deadline, the company said in a statement.
The regulator has directed all life insurance companies to implement the product changes before January 31, 2020, it said.
For its linked products, Max Life Insurance has revised the revival period from 2 years to 3 years.
Bringing greater convenience to the consumers, the linked products will now be available with a risk cover equal to 105 per cent of the total premiums paid along with the ability to switch fund portfolio, during settlement period, said Max Life Insurance Chief Marketing Officer Aalok Bhan.
As part of the changes to non-linked products, Max Life has increased its revival period from 2 years to 5 years.
"It has also introduced guaranteed surrender value after 2 full years' premium payment for policies irrespective of the payment paying term (earlier was applicable after 2 full years for term lesser than 10 years and after 3 full years for paying term of greater than or equal to 10 years)," it said.
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