New Delhi: IRDA i.e. Insurance Regulatory and Development Authority has extended the date of implementation of the new guidelines regarding life insurance policy and IRDA has already issued notifications regarding this. According to the new guidelines, insurance companies will need to change their policies. Know what will happen and what will be the date of implementation.
According to IRDA, all insurance companies will have to change their insurance policy according to the new guidelines. According to the new guidelines in the life insurance policy, insurance companies were given time till November 30 this year to make changes to IRDA.
But now keeping in view the suggestions of the Life Insurance Council, the insurance policy has been changed to 31 January 2020. The new IRDA guidelines will now be implemented on 1 February 2020.
However, due to the new guidelines of IRDA, many insurance companies have announced to discontinue many of their insurance policies. LIC has announced the closure of its 24 insurance policies. These policies include personal insurance policy, group insurance policy and rider policy. Apart from LIC, some insurance companies have also announced the closure of more than 50 insurance policies.
IRDA has also said in the new guidelines that the insurance companies are discontinuing the products and change the new insurance policy on February 29 i.e. within three months. Let me tell you There will be no impact on the already existing insurance policy and the premium and benefits from the old insurance policy will remain the same as before. The new guidelines will apply only to the new policy.
