Life insurers will launch best-selling products in line with regulations | Insurance

With the new surrender value standards coming into force on Tuesday, most insurance companies are immediately rolling out revised versions of their best-selling non-program products.

These constitute a significant portion of their overall premiums as per the Irdai Product Regulations 2024. The remaining products in their portfolios will be launched in due course with the target implementation date being December, as suggested by industry insiders.

In June this year, the Insurance Regulatory and Development Authority of India (Irdai) issued the ‘Master Circular on Life Insurance Products’. Here, it introduced standards to ensure better payouts to customers who withdraw from their policies