Section 24(a) in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
(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.
