Coming soon: Pay life insurance premium in advance, get a discount

Soon, you can pay your insurance renewal premium in advance and get a discount. The Insurance Regulatory and Development Authority of India (IRDAI) has issued draft guidelines to the life insurance companies proposing to allow these companies to offer discounts for renewal premium collected in advance. “It has been decided to permit life insurers to offer discounts on renewal premiums paid in advance subject to conditions,” the draft norms said. According to the draft circular, the discount should be equal to interest rates on savings bank account deposit of State.....

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