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ARTICLE · 05 DECEMBER 2018

Life Insurance Product Regulations: Exposure Draft Issued

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The forms and design of life insurance products in India has been regulated through various guidance issued by IRDAI from time to time.

IndiaInsurance
Celia Jenkins
Celia Jenkins
Swathi Ramakrishnan
Swathi Ramakrishnan
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The forms and design of life insurance products in India has been regulated through various guidance issued by IRDAI from time to time. By way of illustration, the IRDAI, had issued guidelines on group insurance policies and ULIPs, the latter of which was amended and updated from time to time. In 2013, the IRDA (Linked Insurance Products) Regulations 2013 and IRDAI (Non-Linked Products) Regulations 2013 were issued for unit linked and non-linked insurance products respectively, which consolidated the provisions for types, design and operations of linked and non-linked life insurance products.

Recently, considering the changing trends in innovation in methods of placing products in the market, novelties in product structures and product benefits, the IRDAI constituted a committee on 13th January 2017 to review the IRDA (Linked Insurance Products) Regulations 2013 and IRDAI (Non-Linked Products) Regulations 2013. The committee released its recommendations on 26th

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