The insurance watchdog is considering issuing fresh guidelines for new product design template besides identifying the need to re-design some of the existing products. The regulator is planning to issue these draft guidelines, both in the life and non-life segments, by the end of this month.
Speaking to media on the sidelines of a meeting organised by ICICI Prudential and the Institute of Insurance and Risk Management here on Friday, J Hari Narayan, Chairman, Insurance Regulatory and Development Authority said, “We are working with the industry to figure out a design template. In the process, we would be looking at issuing fresh guidelines, which are in advanced stage of evaluation and hopefully, they will become regulations, shortly.”
The proposed norms will specify factors such as the quantum of guaranteed death benefit and if these are in the pension segment, the quantum of annuity etc.