Section 9(f) in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
(f)The provision of minimum death benefit shall not be applicable to reduced paid-up policies, pension products, all types of immediate and deferred annuity products, and decreasing cover term insurance products. However, for all individual pension products and deferred annuity products during deferment period, the minimum benefit payable on death shall not be less than 105% of all premiums paid upto date of death.
