The Insurance Regulatory and Development Authority of India (IRDAI), in its latest guidelines, has taken several customer-centric measures that will immensely benefit the policyholder of life insurance companies. The welcome steps taken by IRDAI in the new product regulations, which have already been gazetted, have made the policyholders delighted.
Giving relief to the customers, the insurance regulator has increased the revival period from 2 years to 3 years for market-linked (ULIP) plans and from 2 years to 5 years for non-linked (NL) plans. This will give policyholders more time to revive their lapsed policies.
