INTERVIEW QUESTIONS INSURANCE DETAILS

Question: Why do different insurance companies show different benefit illustration on their website or product brochures?

Answer: The new IRDA norms which effective from December 1, 2015 has now made sure all insurance companies are following the same benefit illustration example. Insurance companies are now made mandatory to show the benefit illustration by showing a gross return rate of both 4% and 8% instead of 6% and 10%. Also every insurance policy will now have a benefit illustration chart clearly defining what returns to expect and which of the returns will be guaranteed and which ones are indicative.

The new IRDA norms which effective from December 1, 2015 has now made sure all insurance companies are following the same benefit illustration example. Insurance companies are now made mandatory to show the benefit illustration by showing a gross return rate of both 4% and 8% instead of 6% and 10%. Also every insurance policy will now have a benefit illustration chart clearly defining what returns to expect and which of the returns will be guaranteed and which ones are indicative. Source: CoolInterview.com

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