Section 15(i) in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
(i)To utilize the entire proceeds to purchase immediate annuity or deferred annuity from the same insurer at the then prevailing annuity rate subject to the Regulation 15(iii), the policyholder shall be given an option to purchase immediate annuity or deferred annuity from any other insurer. or
