Section 12 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
12. Premium Payment Term.
- Premium Payment Term of Policies: Irrespective of the policy term, all individual non-linked products, shall have the minimum features as stated below:(i)For individual saving products, other than single premium products, the premium paying term shall not be less than 5 years.(ii)Insurers may design products which offer a range of premium payment terms with respect to individual pure risk premium product, group term, group credit and micro insurance products.(iii)Insurers may extend an option to a policyholder to alter the premium payment term or policy terms provided that such alteration is in accordance with their Board approved underwriting policy and the premium rates to be charged under such circumstances are approved under product filing procedure.
