The Insurance Regulatory and Development Authority (IRDA) has revised the norms for traditional life insurance products at its board meeting held here.
When contacted, IRDA Chairman J. Hari Narayan, told Business Line that the insurance products would now have mandatory minimum death benefit and minimum surrender value. Read more
To fill the void of pension products, life insurance companies are pitching monthly income plans and traditional whole life products as retirement solutions.Â Companies are seeing huge demand for monthly income plans since the past few months. And, till there are proper pension plans, the industry expects the demand for MIPs to rise consistently. Read more