Section 31 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
31. Customized Benefit Illustration.
(a)At the point of sale, a benefit illustration shall be shown as per the gross investment returns as stipulated by the Authority from time to time. Currently the gross investment returns are stipulated as 4% p.a. and 8% p.a. The corresponding net yield shall be demonstrated only with respect to gross investment return as stipulated by the Authority. Currently such rate is 8% p.a.(b)In case of pension products, a yearly statement shall be sent to each policyholder indicating:(i)the current accumulated value or available amount.(ii)the expected accumulated value on date of vesting on the basis of gross investment returns as stipulated by the Authority from time to time with the caveat, that the projected rate shall not reflect any guarantee. Currently the gross investment returns are 4% p.a. and 8% p.a.(iii)likely annuity amount based on the then prevailing annuity rates with the caveat that the projected rates shall not reflect any guarantee.(c)The customized benefit illustration shall include all charges and taxes as applicable, and fund values including commission or remuneration payable.(d)The net yield and hence reduction in net yield as calculated, shall be disclosed in the benefit illustration indicating gross yield figures.(e)The benefit illustration shall be in the format as may be required by the Authority.Chapter-X Group Unit Linked insurance products
