IRDA extends deadline for life insurance plans till Dec 31

Earlier the deadline to phase out old products was October 1

October 04, 2013 1:26 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) has extended the deadline to withdraw old products in the traditional category from the market to December 31.

Earlier the deadline to phase out old products was October 1.

IRDA has asked insurers to submit within one week, the details of products withdrawn, in line with the guidelines. Further, insurers have been asked to submit a weekly statement with details of products launched and the products withdrawn in accordance with the guideline by end of first week of October.

A final statement indicating details of total products withdrawn will have to be submitted by the companies within a week from December 31, 2013.

The insurance regulator has also banned the sale of highest net asset value (NAV) products and index-linked products in the life insurance segment from October 1.

Products with highest NAV guarantee and fund level guarantee and products for which benefits were linked to any external index (index-linked products) would have to be withdrawn from October 1, IRDA said in a circular.

“It is also clarified that all individual products filed after September 30, 2013, shall be considered for approval in due course along with all other products received,” it added. Hence, old products will have to be completely phased out from January 1, 2014.

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