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The Insurance Regulatory and Development Authority of India allows relaxations in the Point of Sales Products and Persons Life Insurance Master Circular. Life Insurers apply board approved underwriting policies for pure term insurance products with or without return of premium. The maximum sum assured limit increases to 25 lakhs rupees for non linked non participating endowment products on a single life at the insurer level. These modifications apply with immediate effect.
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भारतीय बीमा विनियामकऔर विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Ref: IRDAI/Life/Cir/MISC/302/12/2020
29th Dec 2020
This has reference to the Master Circular on Point of Sales Products and Persons – Life Insurance Ref: IRDAI/Life/Cir/MISC/215/12/2019 dated 2nd December 2019. On consideration of representations received from Life Insurers, the following relaxations/modifications are allowed with immediate effect.
| Existing Provision | Modified Provision |
|---|---|
| Only Non-Medical Underwriting | As per the board approved underwriting policy of the Life Insurer |
| Existing Provision | Modified Provision |
|---|---|
| Rs 10 lakhs( excluding ADB) at insurer level (per insurer) | Rs 25 lakhs(excluding ADB) at insurer level (per insurer) |
[Image omitted. See the official document.] Chief General Manager (Life Insurance)
सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत | Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (क) : +91-40-2020 4000 वेबसाइ¢ : www.irdai.gov.in | (✆) : +91-40-2020 4000 Website : www.irda1.gov.in
