The Insurance Regulatory and Development Authority (IRDA) has mooted that all micro-variable products should have a lock-in period of five years from the date of inception of the policy.
In the new draft norms on micro-insurance, the regulator said surrenders would not be allowed, but partial withdrawals may be permitted in some cases.
For the distribution of micro-insurance products, regional rural banks, micro-finance institutions, district cooperative banks, non-governmental organisations, self-help groups, urban cooperative banks, banking correspondents, among others, could be allowed.
It said that all the stakeholders should submit their feedback to IRDA before February.
Source Business Line
No comments:
Post a Comment