New changes brought by IRDA

New changes brought by IRDAFor regular plans Death benefit proposed is for age at entry less than 45 years 10 times the annual premium or half of the annual premium paid muliplied by the policy term or 105 of the all the premiums paid whichever is higher. for age at entry over 45 years higher of the seven times of the annual premium paid ,or one fourth of the annual premium multiplied by the policy term or 105 percent of all the premiums paid. Policies will be eligible for surrender value if more than 2 years premiums have been paidCommission is linked to the policy tenure. For policies with 5-9 years tenure first year commission is not more than 14 % of the annual premium For policies 10-14 years not more than 28% of the annual premium For policies 15 years or more not more than 40% of the annual premium.