Section 3(h) in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
(h)"Pure Risk Premium Products" means insurance products where the payment of agreed sum (without any savings element) is assured on the happening of a contingency dependent on human life within the term of the policy and doesn't provide any payment of benefits either before survival or on survival of the insured or on maturity of the policy. This definition is as per Regulation 2(1)(g) of IRDAI (Expenses of Management of Insurers transacting Life Insurance Business), Regulations, 2016.
