IRDA has issued some modifications for persistency of Life Insruance Policies.
In modification of Guidelines for Individual Agents for Persistency of Life Insurance Policies vide Ref: IRDA/CAD/GDL/AGN/016/02/2011 dated 11-02-2011 and Circular Ref: IRDA /Life/GDL/GLD/ 217/09/2011 dated 20-09-2011 and Circular Ref: IRDA/Life/CIR/AGN/257/11/2011 dated 25/11/2011 the following guidelines are issued.
1) Renewal of Individual Agency License and Corporate Agency License will not be subject to meeting the Persistency Rates as stated in the above referred Guidelines/Circulars.
2) All Life Insurers are required to have their own company specific persistency criterion for renewal of Individual and Corporate Agency from 1st July 2014.
These guidelines are issued under Section 14(2) of IRDA Act,1999 and are with immediate effect.
