Section 20 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
20. General Provisions with respect to Pension Products.
(a)Pension products may be offered on any of the following platforms:(i)Individual Unit Linked pension products;(ii)Group Unit Linked pension products;(b)Defined Assured Benefits:(i)All individual pension products shall have explicitly defined assured benefit that is payable on Death and may have a defined assured benefit payable on Vesting.(ii)The defined assured benefit shall be disclosed at the time of sale.(iii)The assured benefit shall be utilized on the vesting date or on date of death as stipulated in Regulations 22 and 23 under these Regulations, as applicable.(c)Pension products offered by the insurers may offer riders during the deferment period. However, the rider benefit shall not be counted in arriving at the assured benefit referred in 20(b) under these Regulations above.
