SURRENDER A POLICY
LIC warns policyholders about offers to buy their current insurance policies
The life insurance behemoth has urged all policyholders to proceed with extreme caution before making any decisions about their policy that might compromise their family's risk coverage and financial stability.
Life insurers' margins may take a hit on early surrender directive
Insurance companies in Mumbai are adapting to IRDAI's directives on surrender values, anticipating an impact on new business margins. Insurers are exploring changes in their business models to align with the new regulations and focus on growth over profitability.
Higher refund on premature exit from life insurance policy as IRDAI introduces new surrender value rule; check how much you will get
Life Insurance Policy Surrender Value Rule Changes: To curb mis-selling of life insurance plans, IRDAI has introduced a higher special surrender value for traditional endowment policies. Even if a policyholder exits a life insurance policy after the first year, he would get a part of his premium back if he has paid it. Till now, there has been no refund on exiting the policy in the first year. How much money will you get back if you prematurely exit your life insurance policy? Check calculation here.
Buzzing! Insurance stocks in focus after IRDAI increases surrender value
Insurance stocks rose up to 3% after IRDAI increased surrender values for non-linked products, affecting insurers like LIC, HDFC Life, and Max Life. Shares of LIC, HDFC Life, and SBI Life were up on BSE. Nuvama awaits more details from companies next week.
IRDAI asks life insurers to offer surrender value in first year
The regulator issued a master circular, which mandates insurers to pay special surrender value (SSVs) after the first policy year, provided one full year's premium has been received.
Kejriwal hugs children, touches parents' feet before surrendering at Tihar jail after bail ends
Kejriwal's wife Sunita, son Pulkit and daughter Harshita also accompanied him for his surrender. Sharing visuals of the family's last moments together, the AAP wrote in a post on X, "Bharat Mata's brave son Arvind Kejriwal ji took blessings from his parents and hugged his children before going to jail to save democracy. Kejriwal will not bow down to dictatorship."
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Exit polls completely fake, mind game to discourage oppn: Kejriwal before surrendering
Delhi CM Kejriwal dismissed 'fake' exit polls, confident BJP won't win Lok Sabha. Alleged EVM scam, urged vigilance during counting. Mentioned VVPAT, RSS, and Amit Shah.
Delhi BJP chief among protestors detained for agitation against Kejriwal's visit to Rajghat
Tensions escalated on Sunday as Delhi Police detained several BJP leaders and workers, including the party's Delhi unit chief Virendra Sachdeva, during a protest against Chief Minister Arvind Kejriwal's visit to Rajghat ahead of his scheduled surrender at Tihar jail. Police officials stated that the protesters were removed from the Rajghat area to ensure law and order was maintained. "To maintain law and order, some protesters were removed from the Rajghat area and taken to Kamla Market Police Station," a senior police officer confirmed.
Kejriwal to visit Raj Ghat, Hanuman temple before surrendering at Tihar
Delhi Chief Minister Arvind Kejriwal announced he would surrender at Tihar Jail on Sunday after visiting Mahatma Gandhi's memorial and a Hanuman temple. Released on interim bail on May 10 to campaign for the Lok Sabha polls, Kejriwal thanked the Supreme Court and expressed concern for his supporters, asking them to take care.
Insurers worried over surrender value rule
Life insurance companies have expressed concerns over proposed regulatory changes that would offer higher surrender values to policyholders the first year itself. Industry representatives have sent their feedback saying that these reforms could severely impact profitability and policy persistence.
Proud that I am going to jail to save my country: Delhi CM Arvind Kejriwal
The AAP convener is out on an interim bail till June 1 following an order of the Supreme Court, which has directed him to surrender on June 2. He was arrested by the Enforcement Directorate in March in a money laundering case linked to the alleged Delhi excise policy scam.
This LIC life insurance policy launched in February 2024 was withdrawn on April 1: Check surrender rules
LIC Dhan Vriddhi plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the life assured.
Not a routine judgment, people feel special treatment has been given: Amit Shah on SC granting bail to Kejriwal
Union Home Minister Amit Shah expressed his views on the Supreme Court's decision to grant interim bail to Arvind Kejriwal, stating that he believes it is not a routine judgment and that many people in the country perceive special treatment. The Supreme Court recently granted interim bail to the Aam Aadmi Party leader until June 1, 2024, in connection with the ongoing money laundering probe related to the Delhi Excise Policy case.
Chhattisgarh: 30 Naxalites surrender before security forces in Bijapur district
In Chhattisgarh's Bijapur district, 30 Naxalites surrendered to security forces, including nine with a combined bounty of Rs 39 lakh on their heads. Six women were among those who turned themselves in. Notable surrenderers included members with rewards ranging from Rs 1 to 8 lakh each. Police said that 76 Naxalites have surrendered in the district this year.
35 Naxalites surrender in Chhattisgarh's Dantewada district
Woman Naxalite Kumme Lekam (35), who carried a reward of Rs 1 lakh, was the Hurrepal Panchayat Krantikari Mahila Adivasi Sangthan (KAMS) president, he said. "They were part of Bhairamgarh, Malanger and Katekalyan area committees of the Maoists in south Bastar. They said they were impressed by the police's rehabilitation drive 'Lon Varratu' (return to your home) and disappointed with the hollow Maoist ideology," Rai said.
Chhattisgarh: 16 Naxals surrender in Bijapur district
In Chhattisgarh's Bijapur district, 16 Naxals surrendered, including Arun Kadti and Ramesh Hemla, with bounties totaling Rs 13 lakh on their heads. Kadti was involved in an attack on security forces in Sukma in 2024, while Hemla was a high-ranking Naxal leader with numerous warrants pending against him. They were given immediate assistance and will be provided with rehabilitation facilities. Additionally, in a separate encounter, ten Naxals were killed on the border of Narayanpur and Kanker districts, continuing the crackdown on Left Wing Extremism in the region.
Surrendered Maoists find joy by swapping guns for babies and tractors
A baby’s squeaky shoes, a bus ride, a shiny red tractor — these are the simple things that mean the world to surrendered Maoists after years of living in fear in the jungles of Chhattisgarh
Delhi Excise policy case: Rouse Avenue Court asks AAP MP Sanjay Singh to surrender passport
Sanjay Singh granted bail in Delhi excise policy case after surrendering passport. Supreme Court noted no money recovery. Allowed political activities but barred case statements. Bail terms set by special court.
Two insurance rules from April 1, 2024: Demat type e-Insurance Account must to buy new policies, latest surrender charges
Two major insurance rules that are effective from April 1, 2024, are — compulsory e-Insurance policies for new policyholders and the latest the surrender charges of the life insurance plans such as endowment policies. To make it easier for insurance policyholders, we have summarised the main changes here. Read on
Life insurance: IRDAI retracts on low surrender value proposal; know applicable surrender charges from April 1, 2024
The Insurance Regulatory and Development Authority of India (IRDAI) has finalised surrender charges for non-linked or linked life insurance products — traditional endowment policies. The charges will come into effect from April 1, 2024. This decision by IRDAI maintains the status quo on surrender values, meaning minimal change from existing charges. While this benefits life insurance companies, it offers little relief for policyholders seeking more flexibility with their policies.
IRDAI issues series of regulations, tweaks regulation on surrender charges
IRDAI (Insurance Products) Regulations, 2024 merge six regulations into a unified framework aimed at enabling insurers to swiftly respond to evolving market demands, enhancing the ease of conducting business, and boosting insurance penetration. These regulations promote good governance in product design and pricing, including strengthening the principles governing guaranteed surrender value & special surrender value along with disclosures thereof, IRDAI said in a statement.
HDFC Life shares jump 3% after IRDAI's surrender regulations soothe Street's nerves
The Insurance Regulatory and Development Authority of India (IRDAI) has notified new product regulations that include guidelines for revised guaranteed surrender value (GSV) of life insurance policies.
IRDAI retains existing surrender value norms after pushback from industry
The regulator has also allowed the sale of Index Linked Insurance Products tied to publicly available indexes. Initially proposed higher surrender values in draft regulations were reconsidered due to industry feedback, with IRDAI opting to retain the regulations.
Major changes in insurance regulations — new health insurer Galaxy Health, Bima Sugam, more protection for policyholders
IRDAI has approved eight principle-based regulations at its recently held board meeting. The primary ones include Bima Sugam — an online marketplace for insurance policies, product regulations regarding the surrender charges of the insurance policies, and regulations for the protection of policyholders. All you need to know
After being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in ITAT and wins
Income tax appeal: A non-resident Indian (NRI) has won a appeal in the Mumbai bench of Income Tax Appellate Tribunal (ITAT). What happened was the NRI surrendered a pension policy purchased from ICICI Prudential Life Insurance Company and got Rs 1.48 crore. Income tax assessing officer however imposed tax on this income of Rs 1.48 crore.
Top life insurance cos raise concerns over proposed change in policy surrender values
Insurers have raised concerns about persistency, particularly for long-term products with premium paying terms exceeding 10 years. They fear that distributors may incentivize policyholders to surrender existing policies and switch to newer ones promising higher returns.
Have a life insurance policy that does not suit your need? How to find out and get rid of bad insurance covers
The assured returns and enormous maturity amount of life insurance policies look tempting to many. Topping the list is the need to save tax. Whatever be the reason, millions of Indians are holding life insurance policies that don’t suit their needs. Before you buy insurance, ask yourself if you need it at all. How to find out if you have a bad life insurance policy and how to get rid of it.
Surrender fee: Insurers propose dual structure as regulator pitches for a hike
A higher surrender value on nonpar policies, which guarantee survival or maturity benefit without depending on insurers’ profit, could lead to an increase in more people giving up on policies prematurely, according to the insurers. This could result in a decline in persistence levels — or the proportion of policyholders who opt to pay premiums regularly — for the life insurance sector, according to them.
Dropping out of insurance policy? It’s set to pinch less
Irdai has proposed new rules to protect policyholders’ interests under which insurance companies will have to substantially increase the amount they pay to customers who choose to discontinue their scheme early in the term.
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