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Life insurance plans to be standardised by August: IRDA

Last year, the insurance regulator constituted four working groups which included members from the life insurance industry and IRDA for standardisation of 18 products

May 20, 2013 11:23 IST | India Infoline News Service
The actuarial department of IRDA (Insurance Regulatory and Development Authority) has attempted to standardise five products to expedite up the process of product approval, according to a media report.

Last year, the insurance regulator constituted four working groups which included members from the life insurance industry and IRDA for standardisation of 18 products, the report added.

The working group committees were expected to set up the benchmark for products by April, but parameters for only one product could be standardised.

According to IRDA, the complete process of standardising 18 life insurance products should be completed by August 2013.

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