Section 15(ii) in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
(ii)To commute up to 60% and utilize the balance amount to purchase immediate annuity or deferred annuity from the same insurer at the then prevailing annuity rate subject to Regulation 15(iii). However, the policyholder shall be given an option to purchase available annuity from any other insurer.
