Section 8 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
8. Premium Payment Term.
- Irrespective of the policy term, all individual Unit Linked insurance products, shall have the minimum features as stated below:(i)Except for single premium payment policy, the premium paying term for all other individual policies shall not be less than 5 years.(ii)Insurers may design products which offer a range of premium paying terms and policy terms within a product, subject to (i) above.(iii)Insurers may extend an option to the policyholder to alter the premium payment term or policy term provided that such alteration is in accordance with their Board approved underwriting policy, subject to (i) above.Chapter-V Commission, Remuneration and Expenses
