The companies are looking at re-filing their best-selling products in the first round.
The insurers are gearing up internally for the re-filing process in line with the IRDA announcement asking them to re-file all the products in line with the new product guideline. Insurers are prioritising the re-filing of their biggest selling products across categories such as term plans, ULIP, single premium, child plans and pension plans. Every company is trying to ensure IRDA’s approval on their cash-cow products as quickly as possible in line with the new guidelines.
“The process has been initiated but it will take some-time because the regulator has yet not issued the final detailed guideline,” said a senior official from a top life insurance company.