IRDAI new rules on ULIP, Non-Linked insurance products: Check what has changed

On 8th July 2019, the Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines for both unit-linked and non-linked insurance products with the proposition to make them more customer-centric. The issued notification broadly talks about the rules for pension products, traditional plans and Unit Linked Insurance Plans (ULIP) by easing the surrender and annuity process. The reason for the issuance was to improve the current product regulations in order to be in line with dynamic needs of the present and to ensure that insurers follow prudent practices to protect the interests of policyholders.

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