The Insurance Regulatory and Development Authority of India (IRDAI) has put out a draft paper, proposing regulations to standardise life insurance products — with some changes to the benefit of customers. The freedom to offer lower sum insured will increase the savings component in the policy, leading to a higher return in exchange for a lower protection amount.
One of the proposals is to make the minimum death benefit 7 times for regular-premium products and 1.25 times for single-premi ..
