Choose life policy carefully; early surrender can cause major losses

Switch credit card if changes in reward structure do not align with your needs

With the new financial year commencing on April 1, several changes will come into effect that may impact your financial life. Below, we outline some of the significant changes and offer guidance on how to navigate them effectively.

New regulations on surrender value 

The Insurance Regulatory and Development Authority’s (IRDAI) final regulations on the surrender value of insurance policies will come into force from April 1. Surrender values are expected to maintain their current levels or decrease if policies are surrendered within three years. If they are surrendered between the fourth and the seventh year, surrender values may increase slightly.