Section 23(ii) in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
(ii)To utilize the entire proceeds of the policy or part thereof for purchasing an immediate annuity or deferred annuity at the then prevailing annuity rate from the same insurer. However, the nominee or beneficiary shall be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
