Life insurance firms to discuss norms on surrender value on Sept 27 meeting

The life insurance companies, through the council, had sought a three-month extension from Irdai on implementing the new norms

Compliance heads of life insurance companies are scheduled to meet the executives of Life Insurance Council on Friday and are likely to discuss the industry’s readiness to implement the new surrender value norms supposed to take effect on October 1 this year, unless an extension is granted, said multiple sources aware of the development.
 

In June, the Insurance Regulatory and Development Authority of India (Irdai) introduced revised surrender value norms to ensure better returns for policyholders exiting their policies prematurely. The life insurance companies, through the council, had sought a three-month extension from Irdai on implementing the