Sunday, July 22, 2012
Insurance Plans In For A Rejig
Traditional insurance policies are all set to be redesigned, now that the Insurance Regulatory and Develop-ment Authority (IRDA) has sent out draft guidelines to all life insurers in a bid to standardise the product. The guidelines suggest that the minimum sum assured for all policies for people below 45 years age should be 10 times the annual premium, while for those above 45 years it should be seven times the premium.
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