Section 23 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
23. Level Premium.
(a)Except for group products, the premium chosen at the outset shall become payable throughout the premium paying term of the policy. Such premium shall be level or uniform and shall not vary over the term of the policy subject to (b) given below(b)After payment of premiums for first five completed policy years, the policyholder may be given an option to decrease the premium upto 50% of the original Annualized Premium, subject to the minimum premium limits under the product of the insurer. Once reduced, the premium cannot be subsequently increased. Benefits may be revised subject to the minimum death benefit as stipulated under Regulation 9 of these Regulations. Sustainability of the policy due to reduction of premiums shall be demonstrated under product filing procedure.
