Section 6 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
6. Non-par products.
- Non par products shall be as defined in the IRDAI (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016. These products, namely, individual and group products, may contain the following features:(i)Under individual products, the benefits shall be explicitly stated in advance at the inception of the policy without any discretion to the insurer;(ii)Under Group products, the benefits or interest rates, as applicable, may be accrued at the end or at the beginning of either every month or quarter or half-year or year as shall be explicitly defined or stated in the product filing procedure, with no discretion to the insurer, where year shall mean the financial year.
