Traditional life insurance products guidelines soon:IRDA

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.

"The Insurance advisory committee has considered these guidelines in its last meeting. As per the procedure it has to be placed before the authority", Narayan said.

He said the the guidelines are expected to be gazetted after the meeting of the authority on February 8, he told reporters on the sidelines of a function.

Narayan was the chief guest at the graduation ceremony of the first batch of Post Graduate Programme in Risk and General Insurance offered by Indian Institute of Risk management.

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.

According to IRDA, 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 this year.

But insurers reportedly said that the proposed deadlines are practically difficult to implement now and would impact the industry growth negatively.

"My view is that there is no such

... contd.