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[Section 27]
[Entire Act]
Union of India - Subsection
Section 27(1) in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
| Where the policy is discontinued during thepolicy year | Maximum Discontinuance Charges for thepolicies having annualized premium up to Rs. 50,000/- | Maximum Discontinuance Charges for thepolicies having annualized premium above Rs. 50,000/- |
| 1 | Lower of 20% * (AP or FV) subject to a maximumof Rs. 3000 | Lower of 6% * (AP or FV) subject to a maximum ofRs. 6000 |
| 2 | Lower of 15% * (AP or FV) subject to a maximumof Rs. 2000 | Lower of 4% * (AP or FV) subject to a maximum ofRs. 5000 |
| 3 | Lower of 10% * (AP or FV) subject to a maximumof Rs. 1500 | Lower of 3% * (AP or FV) subject to a maximum ofRs. 4000 |
| 4 | Lower of 5% * (AP or FV) subject to a maximum ofRs. 1000 | Lower of 2% * (AP or FV) subject maximum of Rs.2000 |
| 5 and onwards | Nil | Nil |