IRDA Life Insurance Regulations 2013 – effective 1st October 2013

POSTED BY shiv kumar ON September 24, 2013 4:17 pm COMMENTS (9)

Hi,

IRDA Life Insurance Regulations 2013-Do you know these changes? Please explain what will be the effect on premium amount for new policy now & later as per this change. This is effective from 1st October.

Specifically on Term Insurance products. Is it good to invest before the changes?[I heard from an agent]

Thanks,
Shiva

9 replies on this article “IRDA Life Insurance Regulations 2013 – effective 1st October 2013”

  1. ashalanshu says:

    Dear Vaibhav, how did you come to know this-term plan offline not allowed thing? any source of your info?

    Thanks

    Ashal

  2. vaibhav45 says:

    After 1st October, Term plan can only be sold through online medium.
    Agents or banks would not be allowed to sell term plan through any offline source.

  3. Vimalraj Nagendran says:

    Just to add another point, the term insurance premium increases even because of the age change (ex 35-36). The premium amount will be less if you purchased the term insurance (for that matter any insurance) when you are 35 vs 36. You can try with all online term insurance calculators by moving your year of birth one up/down. Of course when you buy give the correct date of birth 🙂

  4. ashalanshu says:

    Dear Shiv, not every policy’s prem. ‘ll increase. Relax.

    thanks

    Ashal

    1. shiv kumar says:

      Thanks Ashal..

  5. ashalanshu says:

    Dear Shiva, term plan purchase should be based upon your need and not for possible prem. increase. 🙂

    thanks

    Ashal

    1. shiv kumar says:

      Right 🙂 I decided to go as per my needs. My concern is the agent is correct that after new policies the premium will increase by 3% Or they are just doing it for the purpose of personal benefit.

  6. ashalanshu says:

    Dear Shiva, in simple language the main impact ‘ll be on endowment plans as Agent’s commission ‘ll be reduced just as it was done in ULIPs. Other thing is we as a policy holder ‘ll get tyhe break up of cost structure as we get for ULIPs. Also products ‘ll be standardized.

    thanks

    Ashal

    1. shiv kumar says:

      Thanks Ashal,

      A online policy agent is telling me that the yearly premium amount will increase if we buy a Term Insurance after 1st Oct. Is it true?
      If planning to buy a term insurance, is it better deal to buy before 1st?

      Regards,
      Shiva

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