The correct answer is: C. 1st July, 2013
The Insurance Regulatory and Development Authority of India (IRDA) implemented guidelines on persistency from 1st July, 2013. These guidelines are aimed at improving the persistency of life insurance policies in India.
Persistency is the percentage of policyholders who continue to pay their premiums after a certain period of time. A high persistency rate indicates that policyholders are satisfied with their policies and are likely to continue to renew them. A low persistency rate, on the other hand, indicates that policyholders are not satisfied with their policies and are likely to lapse them.
The IRDA’s guidelines on persistency are designed to encourage insurers to focus on improving the quality of their policies and the level of service they provide to policyholders. The guidelines also aim to protect policyholders from being misled by insurers about the benefits of their policies.
The IRDA’s guidelines on persistency are a positive step towards improving the life insurance industry in India. They will help to ensure that policyholders are treated fairly and that they receive the benefits they are entitled to.
Here is a brief explanation of each option:
- Option A: 1st July, 2011. This is incorrect because the IRDA’s guidelines on persistency were implemented on 1st July, 2013.
- Option B: 1st July, 2012. This is incorrect because the IRDA’s guidelines on persistency were implemented on 1st July, 2013.
- Option C: 1st July, 2013. This is the correct answer because the IRDA’s guidelines on persistency were implemented on this date.
- Option D: 1st July, 2014. This is incorrect because the IRDA’s guidelines on persistency were implemented on 1st July, 2013.