Section 6 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
6. Guarantees on policy benefits.
(a)Subject to provisions stipulated in Regulations 5, 20 and 25 under these Regulations, all individual Unit Linked insurance products shall have either a guaranteed sum assured payable on death or a guaranteed sum assured to meet the health cover, as applicable and may have a guaranteed maturity value.(b)General aspects on any investment guarantees provided under Unit Linked insurance products:(i)Guarantees provided shall be reasonable, consistent in relation to the current and long term interest rate scenario and priced appropriately.(ii)In case of Unit Linked insurance products where guarantee charge is levied: If a guarantee charge is levied for the guarantees offered, the insurer shall submit a comprehensive documentation on such guarantee charge and demonstrate the Financial viability in their product filling documents.Chapter-IV Policy Term and Premium Paying Term
