Surrender value norms: Life insurers begin rolling out revised bestsellers

Most major life insurance companies have products in excess of 30. It was becoming difficult for the companies to revise all their products, in accordance with regulations by the deadline

With the new surrender value norms effective from Tuesday, most life insurance companies are immediately rolling out revised versions of their best-selling, non-participating products.

These contribute a significant portion to their overall premiums, in line with the Irdai Product Regulations 2024. The remaining products in their portfolios will be rolled out in due course, with a target completion by December, industry insiders suggested.

In June this year, insurance regulator Insurance Regulatory and Development Authority of India (Irdai) issued a ‘Master Circular on Life Insurance Products.’ Here, it introduced norms to ensure better payouts for customers who exit