Section 15(iii) in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
(iii)Every policyholder shall be given an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
