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