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C.R. Sukumar

Hyderabad , Feb. 5

AIMED at ensuring better services to the insuring public in the backdrop of rapidly changing Indian insurance market space, the Insurance Regulatory and Development Authority (IRDA) has come out with new guidelines pertaining to the design of life insurance products.

The changes, to be adhered to by the insurers, were in the areas of product design, brochures, premium receipts, product illustrations, policy information statement and periodic statement.

In a circular issued to the life insurance companies on Wednesday, IRDA said the new guidelines would come into effect from the next fiscal.

The regulator has asked the insurers to ensure that an extension to a life policy in the form of rider should not be made compulsory at any time during the term of the policy.

The insurers were asked to avoid using ambiguous terms such as `Vanishing Premiums'. In case of usage of such expressions was considered absolutely unavoidable, the insurance companies should prominently define and explain such terms so as to avoid confusion and ambiguity. On the new norms for brochures, the insurers were advised to see that the brochure was written in simple language.

More Stories on : Life Insurance | Regulatory Bodies & Rulings

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