Section 18 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
18. Annuity Products.
(a)Under the immediate annuity and deferred annuities including group deferred and group immediate annuities, the following guaranteed for life annuity options may be permitted under individual and group business:i. Life annuity.ii. Life annuity with Return of Purchase Price.iii. Annuity Certain for a specific period (period as approved under the product filing procedure) and life thereafter.iv. Joint Life annuity with a provision of 100%, 50% or such other percentages of annuity to Secondary Annuitant on death of the Primary Annuitant and Return of Purchase Price on death of Last Survivor.v. Joint Life annuity with a provision for 100% or 50% or such other percentages of annuity to Secondary Annuitant on death of the Primary Annuitant.vi. Any other annuity, as approved by the Authority.Provided every annuity product shall have at least options (i) and (ii) mentioned above.(b)Under both group and individual deferred annuity products,(i)annuity shall be payable at the end of the deferment period and annuity rates shall be guaranteed at the inception of the contract.(ii)Premium payment mode may be single, limited premium or regular premium.Chapter: VIII Group ProductsThe following categories of products shall be allowed under group business.
