23.06.2023
Insurance Regulatory and Development Authority of India has extended the ‘Use and File’ procedure to Group Unit-Linked Insurance products, Individual Unit-Linked Insurance products which are offered with new funds and Combi products wherein Life Insurer acts as the lead.
Now, the life insurers can launch these products without prior approval, enhancing ease of doing business and encouraging swift response to the market demands. This will boost innovation in the products resulting in better choices for the customers.
This comes after the extension of ‘Use & File’ procedure for all Term Insurance products, Individual Unit linked products with existing funds and Non-Linked Group Insurance products in October, 2022.
