Section 11 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
11. Minimum Policy Term.
- The minimum policy term:(a)For individual savings products, shall be at least five years.(b)For group savings insurance products for employer-employee group shall be at least one year (on annually renewable basis).(c)Insurers may design products which offer a range of policy terms, subject to a minimum policy term of one month, with respect to individual pure risk premium product, group term, group credit Life and micro insurance products.
