Hello friends, I am your advisor didi. Today I am going to give you information about the new rules of LIC policy.
Study of new rules:
Now as per the rules issued by IRDAI which will determine the policy surrender period. It will be implemented from April 1, 2024. The new rules also include charges for returning or surrendering an insurance policy.
Major changes of the new rules:
Increasing the policy surrender period will also increase the Lic surrender value.
Additional charges may be required for early surrender of the policy.
Under the new rules, a further savings share of the income will be available on surrender of the policy.
Damage Details:
If the policy is surrendered in the third year, 75% of the total premium will be received. You will get 90% if you surrender in the fourth year.
conclusion:
It is clear from this that surrendering the policy early may result in loss. Therefore, the insurance policy should be selected carefully.
Precautions:
If you are going to take a policy in LIC, then choose it as per your financial plan. You can invest in small or large policies, but note that breaking the policy can result in losses.
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