Relaxations in Point of Sales- Life Insurance Master Circular

Last updated: 30 December 2020

Notice Date : 29 December 2020

Insurance Regulatory and Development Authority

Ref: IRDAI/Life/Cir/MISC/302/12/2020

29th Dec 2020

This has reference to the Master Circular on Point of Sales Products and Persons — Life Insurance Ref: IRDAI/Life/Cir/M ISC/215/12/2019 dated 2nd December 2019. On consideration of representations received from Life Insurers, the following relaxations/modifications are allowed with immediate effect.

Annexure II (a) – Pure term Insurance with or without Return of Premium: Underwriting conditions

Existing Provision	Modified Provision
Only Non-Medical Underwriting	As per the board approved underwriting policy of the Life Insurer

Annexure II (b) — Non-Linked, Non-Participating Endowment Product: Maximum Sum Assured Limit on a single Life

Existing Provision	Modified Provision
Rs 10 lakhs( excluding ADB) at insurer level (per insurer)	Rs 25 lakhs(excluding ADB) at insurer level (per insurer)

Chief General Manager (Life Insurance)

Guest

Notification No : Ref: IRDAI/Life/Cir/MISC/302/12/2020
Published in Miscellaneous
Source : https://www.irdai.gov.in/admincms/cms/whatsNew_Layout.aspx?page=PageNo4314&flag=1

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