Section 14 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
14. General Provisions with Respect to Pension Products.
(a)Pension products may be offered on any of the following platforms:(i)Individual Non-linked pension products;(ii)Group Non-linked pension products;(b)Defined Assured Benefits:(i)All individual pension products shall have explicitly defined assured benefit that is payable on:(1)Death; and(2)vesting.(ii)An assured benefit means at least one of the guarantees from the following options:(1)Non-zero positive rate of return on the premiums paid, excluding applicable tax, from the date of payment to date of vesting or(2)An absolute amount to be paid on death or maturity (which shall result in non-zero positive return).(iii)The defined assured benefit shall be disclosed at the time of sale.(iv)The assured benefit shall be utilized on the vesting date OR on date of death as stipulated in the Regulations 15 and 16 under these Regulations, as applicable.(c)Pension products offered by the insurers may offer riders during the deferment period.
