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Insurance Regulatory and Development Authority (IRDA) Guideline
Posted Date: 13-Feb-2009
Insurance Regulatory and Development Authority (IRDA) Guideline.
The mission of IRDA as written on their website (http://www.irdaindia.org) is "To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."
The IRDA is a corporate body. It is advised by an insurance advisory committee consisting of not more than 25 members.
The IRDA Act, provided for the establishment of the IRDA to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of insurance industry.It also amended the insurance act, 1938, the life insurance corporation act, 1956 and the general insurance business (nationalization) act, 1972.
1)There are limits on SA, and top-up conditions.
2)Surrender benefit is possible only after 3rd policy anniversary.
3)First partial withdrawal only after 3rd policy anniversary.
4)SA can be reduced up to the extent of partial withdrawals during 2 years prior to death and after age 60.
5)There is Lock-in period for each top-up amount and for partial withdrawal, except during last three years of contract.
6)Death benefits to be guaranteed.
7)Maturity benefits may be guaranteed, at levels reasonable in relation to current and long term interest rates scenario.
8)Policy to become paid up, if there is default in premium after 3 years.
9)Opportunity to be given to revive lapsed policy.
10)Auto cover facility allowed for full SA for limited period.
11)No auto cover facility if at least 3 years premium not paid.
12)If policy is not revived, surrender value to be paid at the end of 3rd policy anniversary or end of revival period, whichever is later.
13)No risk cover after policy term.
14)Ways of calculating various charges are stipulated.
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