"...in order to enhance the extant transparency of the insurance advertisements, and to improve compliance...life insurance advertisements should not offer, as inducement, any award/reward points, discounts and rebates, except those approved by the Authority as part of product features," the Insurance Regulatory Authority of India has said.
Irda said a review of the advertisements, especially Internet advertisements, revealed the necessity to improve the compliance.
Irda also observed a trend of advertisements showing the combination of benefits of more than one product, it said.
It further asked life insurers for a complete disclosure of all related particulars of an individual product, where more than one product and combination of their benefits were being offered in a single advertisement.
"Such advertisements should contain a specific declaration as 'Advertisement Disclaimer' on Top in BOLD (not less than Font size 7)," it added.