Insurance premiums may increase or the commission of agents could see a reduction as the revised surrender value proposed by the sector regulator IRDAI comes into force from Tuesday. Earlier this year, the Insurance Regulatory and Development Authority of India (IRDAI) introduced revised surrender value guidelines to offer better returns to policyholders exiting early from their life insurance policies. A surrender value in insurance refers to the amount paid by the insurers to the policyholder upon terminating the policy before its maturity date. If the policyholder surrenders during the policy tenure, the earnings and savings portion will be paid to him or her. The regulator has emphasised the need for insurers to ensure 'reasonableness and value for money' for both exiting and continuing policyholders when determining surrender values. According to a senior official of the private sector insurance company, to meet the revised surrender charges, life insurers would either raise .