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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)
FAQ :
This notification introduces relaxations and modifications to the existing Master Circular on Point of Sales Products and Persons for Life Insurance.
The relaxations are effective immediately.
For pure term insurance with or without return of premium, the underwriting conditions have been relaxed from 'Only Non-Medical Underwriting' to 'As per the board approved underwriting policy of the Life Insurer'.
The maximum sum assured limit for non-linked, non-participating endowment products has increased from Rs 10 lakhs (excluding ADB) to Rs 25 lakhs (excluding ADB) at the insurer level.
The relaxations were issued by the Insurance Regulatory and Development Authority (IRDAI).
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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