The Insurance Regulatory and Development Authority, Irda explains the procedure for filing of Life Insurance products with them. Life Insurers are required to submit
- File and Use Application along with all attached tables.
- Sales Literature along with benefit illustration.
- Proposal Form
- Policy Document
To speed up the approval procedure Life Insurers are not required to submit policy document along with the File and Use Application. Once the product is approved life insurance companies must ensure that the policy document to be issued to the policyholder truly reflects all ingredients of the product as elaborated in the File and Use Application and Sales Literature. Also a declaration by CEO and the Appointed Actuary should be included. Irda will then inspect the Insurer and check the policy document if it conforms.
The circular describing the filing process also says that “the onus of the policy document totally rests with the life insurance company”.
This procedure is applicable to both non-linked and linked products (including riders).
P.S: Information collected from Irda website.
Possibly Related Posts:
- Insurance regulator to get independent advisor
- Tax benefits on health insurance
- Bharti AXA Life launched online plan ‘iProtect’
- Change in single-pay plans on cards: Irda
- IndiaFirst Life Insurance launched Autolife
- No more loans against Ulips
- New business income for life insurance companies down 17%: IRDA
- Do your parents need life insurance policies
- Insurance companies tie up with banks to lure customers
- LIC Crossed one million mark in heath coverage