“Previously, life insurers required every product to be approved. Now they can independently develop proposals relying only on their actuaries’ opinion. This will significantly expand the offer on the market,” the regulator’s release informs.
However, the system of “early withdrawal of money in annuity plans” is still prohibited.
Insurers can now design pension plans for each client. Sometimes, when entering into a retirement annuity agreement, a person expects that his income would grow, the pandemic, however, has changed this idea. It is possible to change the terms of the retirement annuity agreement every year.
“The life insurance industry as expected will take this opportunity to respond more quickly to the needs of an emerging market in terms of developing and pricing insurance products leading to more choice for policyholders. This will help increase insurance penetration in India,” the regulator’s representatives stated.
Source: https://indianexpress.com/article/business/use-file-new-life-insurance-products-sans-nod-7963598/
Photos are from open sources.
