TODAY BIG NEWS Life Insurance Facility From January 1

  

TODAY BIG NEWS  Life Insurance Facility From January 1

Life Insurance Facility: From January 1, all life insurance companies will sell a standard term policy, the name of this product will be Simple Life Insurance, IRDAI pointed out.

The maximum sum assured of a standard individual term life insurance policy will be Rs. 25 lakhs.

Life insurers will have to launch this product by December 1, 2020.

The Insurance Regulatory and Development Authority of India (IRDAI) has directed all insurance companies to sell standard individual term life insurance policies from January 1. The name of this product will be Simple Life Insurance. The names of the companies that have already made this name available will also be attached. Earlier, the authority had directed all health insurance companies to sell the same type of standard health insurance product, called Health Sanjeev.

The maximum sum assured of a standard individual term life insurance policy will be Rs 25 lakh. All life insurers are allowed to sell mandatory standard products from January 1, 2021, according to a statement released by the IRDAI on Thursday. Companies can file this product by December 1, 2020.

Features of Simple Life Insurance

Simple Life Insurance is a Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan. In case of death of the insured during the policy term, the product will pay a lump sum sum sum to his nominee.

There will be no other exclusions in this product except suicide.

There will be no restrictions on the use of this product by men and women, residence, travel, business or education.

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It will be easier for customers to choose a policy

According to the IRDAI statement, the variety of products on the market makes it difficult for many consumers to choose the right product. So there was a need for a product that could meet the needs of an average customer. This will make it easier for customers to make choices, increase trust between the company and customers, reduce mis-selling and reduce potential disputes at the time of claim settlement.