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Title: To all the CEOs of Life Insurance Companies

Reference No.: IRDA/LIFE/CIR/GDL/034/01/2014

Date: 22/01/2014

Standard Format for Filing of Policy Documents with the Authority

Ref : a ) CIR – IRDA/ ACTL/FUP/Ver 2.0/Dec 2001 dtd 12/12/2001

b) CIR – 032/IRDA/ACTL/FUP/Ver 5.0 /Sep 2007 dtd 06/09/2007

c) CIR – IRDA/ACT/CIR PRD/023/02/2013 dtd 14/02/2013

d) CIR – IRDA/Life CIR / Misc /050/03/2013 dtd March 12, 2013

Sub: Standard Format for Filing of Policy Documents with the Authority

With reference to the above mentioned various Circulars issued from time to time and the proviso 6(1) of IRDA (Protection of Policyholders’ Interests) Regulations, 2002 regarding Life Insurance Policy Documents, it is felt necessary to design a Standard Format for filing of the Policy documents with IRDA at the time of product approval for all categories of products in order to make it convenient for speedy clearance of the products in Product Approval process at IRDA.

All the Life Insurance Companies are required to adhere to the same format for filing. The Standard Format description / instructions for the same are attached as Annexure A . The Standard Format for filing Policy Document with IRDA consists of Part A, B, C, D, E, F and G. Every Life Insurer will file the Texts of the Policy Documents in the Standard Formats in the above parts for each of the below mentioned category of the product and would be finalized/approved by IRDA.

1. Linked -- Individual

2. Linked – Group

3. Linked Riders

4. Non Linked – Individual

5. Non- Linked – Group

6. Non- Linked – Riders

7. VIP

8. Others , if any

The approval for Complete Policy Documents Standard Format / Texts will be granted as and when a product of that category is filed by the Insurer in normal course of File and Use approval. However , the Insurers are advised to take One Time Approval for all categories of the products (as mentioned above from 1 to 8 ) together for specific Parts A, B , F and G in advance and be frozen , depending upon the nature of the Product .

The Appointed Actuary and Authorized legal officer of the Life Insurer can then make use of FROZEN format/Texts for a particular product in 2 ways -

1) By certifying that the standard approved FROZEN format/texts has been used without any changes.

2) By specifically listing each and every change made against the standard approved FROZEN format/Texts for the particular Part/Product and certifying that rest of the contents in the format are as per standard FROZEN format/Texts.

Normally Part A, Part B, Part F and Part G of the Format/Texts should be drafted for a specific category of the product in such a manner that it would not require frequent changes/modification and hence may be used as a approved FROZEN Part for filing of the same category of the Product in future. However, in Part C, Part D and Part E changes are more likely and would be product specific.

The Certificate of AA and Authorized Legal officer duly countersigned by the CEO would be required to be submitted for each Part in the attached Certification Format (Annexure B) at the time of submission of the filing of draft of the Policy Documents for the new Products in future once a specific category of product Format/Text has been approved and frozen.

The Circular would take effect to use the Specified Format for filing of NEW Products from 01.02.2014 irrespective of approval for Sub Parts A, B, F and G have been taken or not.

However, the Insurers are hereby advised to submit the Policy Documents Texts {Part A, B, F and G} for all the above mentioned categories in the specified Format by 31.03.2014 for specific approval, which may be frozen and used for future approval of the Product of those specific Categories.

MEMBER (LIFE)

Encl : Annex A and Annex B

Annexure - A

Format for Filing of Policy Document

For filing of the Policy Documents the Format / design of the Policy Document may be segregated in the following Parts.

Note: It is to be ensured that each and every part should be marked (Part A, Part B, etc) on the top of the page and start with a fresh page in order to make it easily identifiable

The complete document would be a controlled document with page no. viz. 1of 15 , 2 of 15 etc., along with date of filing/modified date/Final Policy Documents date in the foot note of each and every page of the Policy Document.

The Contents of the different parts may be noted as below:

Part A -

(i) Forwarding letter with Free look clause

(ii) Policy Preamble

(iii) Policy Schedule

Part B -

One/ Two Pager definition of various technical/Insurance/Legal Terms or words used in the Policy Documents in an alphabetical order, elaborating the meaning in plain language to be easily understood by the Policyholders.

Part C -

All the main / core Benefits / clauses of the Policy related to the specific product viz. Death, Survival, Maturity Benefits, Premium Payment Conditions, Grace Period etc., which must be known to the Policyholders at first Glance.

Part D-

All the Policy Servicing Aspects, which a Policyholder/Life Assured may require to Know assuming the Policy would run for a Complete Term viz. Free look, Revival, Loan, switching, partial withdrawals, settlement options, surrender, etc.

Part E -

All the applicable Charges, Fund name, Fund options, etc. (Applicable especially for ULIP Policies)

Part F -

All the general /common terms and conditions, which may not be put in the above sections (from A to E ) of Policy documents but is required to be known by the policy holders / Life Assured / Nominee /Assignee/beneficiary/ Legal heirs/etc .

Part G -

Others, Grievance Redress Mechanism, List of Ombudsman, extra annexure etc., if any, required as per necessary, Circulars , Guidelines issued or will be issued from time to time.

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Annexure B

To be used for the Policy Documents of the New Product/s/Riders/ modification etc. the Standard format/ Part of which has already been earlier approved by the Authority

We, do hereby certify that the filed Policy Documents of ………………………..………………… (Name of the Product) is in compliance with the Standard Policy Format already approved by the authority on Date ……………………………………………… for ……………………………………. {Category of the Product} as per CIR dtd…………………..

Part wise comments are as below:

a) Part A -- Whether is in compliance with the Approved Standard Format – Yes or No