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Traditional life cover guidelines soon: IRDA

Feb 05 2013, 00:40 IST
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SummaryThe final guidelines for traditional life insurance products could be announced by the insurance regulator after a meeting on February 8

The final guidelines for traditional life insurance products could be announced by the insurance regulator after a meeting on February 8, Insurance Regulatory and Development Authority (IRDA) chairman J Hari Narayan said here on Monday.

He said the insurance advisory committee had considered the guidelines in its last meeting and the same is expected to be placed before the IRDA. Harinarayan added the the guidelines are expected to be gazetted after the meeting of the authority on February 8, he told reporters at a function.

According to the insurance regulator, insurers need to withdraw and re-file existing traditional group plans like term plans and endowment plans by March 31 and individual traditional plans by June 30.

In June last year, the insurance regulator had circulated draft guidelines on the proposed changes in life insurance products. It was proposed that the minimum sum assured should be higher by 10 times the annual premium or 0.5 times of the annual premium multiplied by the term of the policy for those who are below 45 years.

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