Document Detail

Title: Circular
Reference No.: IRDAI/Life/Cir/MISC/302/12/2020
Date: 29/12/2020
Relaxations in Point of Sales- Life Insurance Master Circular

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.

1. Annexure II (a) - Pure term Insurance with or without Return of Premium: Underwriting conditions

Existing Provision

Modified Provision

Only Non-Medical Underwriting

As per the board approved underwriting policy of the Life Insurer

 

2. Annexure II (b) – Non-Linked, Non-Participating Endowment Product: Maximum Sum Assured Limit on a single Life  

Existing Provision

Modified Provision

Rs 10 lakhs( excluding ADB) at insurer level (per insurer)

Rs 25 lakhs(excluding ADB) at insurer level (per insurer)

 

 

Chief General Manager (Life Insurance)

 

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