Question
What is the primary purpose of the Insurance Regulatory
and Development Authority of India (IRDAI) approving the reduction of interest rates for revivals or policy loans?Solution
The Insurance Regulatory and Development Authority of India (IRDAI) approved the reduction of interest rate for revivals or policy loans, among others. These are applicable to existing policies that were closed for new business but still exist on insurers' books The alterations are introduced to give additional benefits and flexibility to existing policyholders, ensuring they are not adversely impacted. The insurance regulator has decided to allow the addition of existing riders which are open for sale, the addition of premium payment modes, reduction in interest rate for revivals or policy loans, and the addition of one or more payment frequencies to income benefits payable to policyholders.
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