New Delhi: Now, the customers will have to pay lesser premium for new life insurance policies. The insurance regulator Insurance Regulatory and Development Authority (IRDA) has released new mortality (Death Ratio) table on Thursday. The death ratios of different age groups have been ascertained in the mortality table.

According to the circular released by IRDA, Indian Assured Lives Mortality table will be implemented from April 1. The new table has been prepared after analysis of different recommendations by insurance companies and new data of death ratio. The current table is based on the LIC’s data of 1994-96.

T VIJAYAN TAKES OVER AS CHAIRMAN OF IRDA

Former LIC chief T S Vijayan on Thursday took over as the chairman of the IRDA. Vijayan assumed office at a time when industry is facing a slowdown. He faces the task of taking insurance to rural markets. Simplification of insurance products will be another challenge for him. This marks a comeback for Vijayan, who was battling corruption allegations with regard to investment decisions made by LIC during his tenure.     

(Agencies)

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