Responding to the numerous representations from insurance companies, IRDA has extended the deadline of the implementation of new product regulations from October 1 to January 1.
An IRDA circular says, it has received representations seeking extension ‘to cope up with the system readiness/deployment for the products cleared and to address other issues such as training for the field force etc.’
This extension will, however, not apply to:
a. Products with Highest NAV guarantees and with fund level guarantees
b. Products where benefits are linked to any external index