Section 24 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
24. Group Unit Linked Pension Products.
(a)For all group Unit Linked pension products with the defined benefits subscribed to by an employer, where the scheme does not maintain individual member accounts and only maintains a superannuation fund:(i)The insurer shall make payments from such funds only subject to the availability of funds in the respective unit fund of the respective group policyholder's superannuation fund.(ii)Except for exits as per the scheme rules, no other withdrawals shall be allowed.(b)For all group Unit Linked pension products with the defined contributions subscribed to by an employer, where the scheme maintains individual member accounts:(i)The insurer shall make payments from such individual member funds only subject to the availability of funds in the respective unit fund of the respective member of the group policyholder.(ii)Except for exits as per the scheme rules, no other withdrawals shall be allowed.(c)Provisions stipulated in Regulations 21 and 23 under these Regulations shall not be applicable to group Unit Linked pension products; however, the benefits shall be subject to the scheme rules.(d)Provisions stipulated in Regulation 32 (e) under these Regulations shall apply in case of complete surrender of the policy.(e)Where the group policyholder maintains superannuation funds with more than one insurer, the group policyholder shall have the option to choose any insurer to purchase available annuity as per the provisions of Regulation 21 of these Regulations.
