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IRDA gives more time to cos to adopt standard proposal form

The objective to introduce the 'Standard Proposal Form' format was to make a product comprehensive

August 05, 2013 11:19 IST | India Infoline News Service
Life insurance companies have time till April 1, 2014 to adopt a standard form for policyholders.

In March, IRDA (Insurance Regulatory and Development Authority) had said that these guidelines would be effective from February 16, 2013.

"Taking into account various representations received from life insurance industry, the competent Authority...has deferred the implementation of obligations under IRDA (Standard Proposal Form for Life Insurance) Regulations to April 1, 2014," IRDA said in a circular on Friday.

The objective to introduce the 'Standard Proposal Form' format was to make a product comprehensive and thus bring in transparency and uniformity about a product to the policy seekers.

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