Will it benefit policyholders?Naval Goel, Founder & CEO, PolicyX.com said that the new guideline issued by the Irdai is to safeguard the interest of policyholders and rights in terms of availing new features.
Earlier, the insurance companies have increased annual premiums by exorbitant margins which created an unexpected burden on the policyholders at the time of renewals.
However, this notification will give freedom to the policyholders to choose the additional benefits as per their need and choices.
Hence this comes across as a positive development for the new and existing customers.“However, this guideline will restrict the insurance companies in levying the additional charges which also means there will be a limited introduction of new.