Anushka Rathod Instagram – My friend’s dad made a costly mistake…
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Previously, if you surrendered the policy within the 2-3 years, you wouldn’t receive any refund of the premiums paid.
Even after the 4th year, you’d only get 30-40% of the total premiums.
But now thanks to IRDAI, your surrender value will almost be doubled!!
Surrender value will be calculated as present value of
(a) paid-up sum assured on all contingencies covered and
(b) paid-up future benefits (such as income benefits), if any, and
(c) accrued/vested benefits, duly allowing for survival benefits already paid (whatsoever name called), if any
Paid-up value is calculated as per a formula: number of premiums paid X sum assured/total number of premiums payable.
To arrive at the expected present value of the paid-up sum assured and paid-up future benefits, Irdai has specified a maximum spread of 50 basis points (bps) over 10-year G-Sec.
[Anushka Rathod, finance, insurance, news, India]
#anushkarathod #finance #insurance #news #india | Posted on 17/Oct/2024 19:01:41
