What is the primary purpose of the Insurance Regulatory

Solution

The Insurance Regulatory and Development Authority of India (IRDAI) approved the reduction of interest rate for revivals or policy loans, among others. These are applicable to existing policies that were closed for new business but still exist on insurers' books   The alterations are introduced to give additional benefits and flexibility to existing policyholders, ensuring they are not adversely impacted.   The insurance regulator has decided to allow the addition of existing riders which are open for sale, the addition of premium payment modes, reduction in interest rate for revivals or policy loans, and the addition of one or more payment frequencies to income benefits payable to policyholders.