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IRDAI modifies Guidelines on Point of Sales- Life Insurance Products

Insurance Regulatory and Development and Authority of  India 

Ref: IRDAI/LIFE/CIR/MISC/POS/185/08/2017

August 4, 2017

To All the Life Insurers,

Re:  Modification to Guidelines on Point of Sales (POS)- Life Insurance Products

Reference is invited to –

  1. Section 2 (i) – ‘ Categories of POS products’, Wherein the description of categories of POS Products is provided and
  2.  Annexure -1 (a)- ” Pure Term Insurance Product with or without return of Premium” wherein the maximum Limit of Sum Assured under the Pure Term Product was capped up to Rs 25 Lakhs (excluding ADB Rider) Only
of   the Guidelines on Point of Sales (POS) – Life Insurance Products bearing Ref. No. IRDA/LIFE/GDL/GLD/222/11/2016 dated November 7, 2016.
Based on the feedback received from the insurance industry, it has been decided by the competent Authority

a. to include  the Non-Linked, Non-Par Health Insurance products with fixed Benefits under the Sec 2(i) categories of POS products. The product parameters for the same are mentioned in Annexure-A attached to this Circular.  All the other provisions in the referred Guidelines are applicable to the POS Health Products  also.

b. to relax the upper limit of ‘Sum Assured on Death’ under Pure Term Life Insurance Product under Annexure- I (a) as above and hence the modification be read as follows:

Sum Assured on Death:
 Maximum – No Limit 
(subject to Non – Medical underwriting only)

This Circular is issued with the approval of the competent Authority and comes into force with immediate   effect.

(Nilesh Sathe)
Member (Life)
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