Dropping out of insurance policy? It's set to pinch less
MUMBAI: If you realise that you have been a victim of mis-selling by an insurance agent, and wish to surrender your policy, you are unlikely to lose out a major portion of the premium paid.Irdai has proposed new rules to protect policyholders' interests under which insurance companies will have to substantially increase the amount they pay to customers who choose to discontinue their scheme early in the term.