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IRDA extends deadline for phasing out old plans till Dec 31

The earlier deadline was October 1

October 30, 2013 12:14 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) has extended the deadline for phasing out the old products in traditional segment till December 31, according to a media report.

The earlier deadline was October 1. Also, the sale of highest net asset value (NAV) products in the unit-linked product segment has been banned from October 1 onwards.

The insurance regulator had brought out a new set of guidelines for life insurance products in February. While the minimum death benefit and surrender value was altered for traditional product customers who stay invested in a policy for a longer period, in the case of unit-linked products (Ulips) insurers had to intimate customers about changes in the yield of the Ulip every month.

The rules had also banned the sale of highest NAV products, since they were not in customer interest.

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