IRDA is framing guidelines for traditional life insurance products which are likely to come out soon
The IRDA (Insurance Regulatory and Development Authority) and Life Insurance Council have formed a joint working group to frame guidelines for traditional products.
According to IRDA, the group has already started its work and will give its recommendations soon.
The insurance regulator is also in the process of framing guidelines for traditional life insurance products which are likely to come out soon. The regulator said that post Budget 2012, some insurance products have lesser or no income-tax benefits which have to be clearly spelt out.
IRDA has also withheld approvals to some products filed by insurers for being launched in the market. The IRDA said that these products lack clarity and may adversely impact policyholders’ interests. The regulator has already written about the same to the respective insurers. In the last two months, IRDA had approved 100 products and rejected or withheld approvals of around 30 products.
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