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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 condi
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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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Source : https://www.irdai.gov.in/admincms/cms/whatsNew_Layout.aspx?page=PageNo4314&flag=1