Business Standard

New surrender value norms: Life insurers likely to alter product mix

To push Non-par policy sales till Sep 30

Life insurance industry, insurers, health insurance, insurance sector
Premium

Illustration: Ajay Mohanty

Aathira Varier Mumbai
The life insurance industry, which planned to increase its share of non-participating (non-par) products in the overall product mix, after its declining share in FY24, is likely to change its strategy to reduce the impact of the revised surrender value norms.

A change in surrender value norms is likely to dampen the growth of non-par products and boost product designing and innovation in the life insurance industry. 

Non-par product offers guaranteed benefits to a customer according to predetermined choices.

“The industry can reduce the impact of revised surrender value norms using multiple ways. As a

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 23 2024 | 7:08 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com