Section 25 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
25. For the purpose of Pension Products under this Chapter.
(a)An assured benefit on death shall be a non-zero positive rate of return on the premiums paid, excluding applicable taxes if any, from the date of payment to date of death.(b)The prevailing annuity rate shall mean the annuity rates that are approved by the Authority.(c)Commutation shall mean giving up of a part or all of the annuity payable from vesting or surrender for an immediate lump sum.Chapter-IX Charges & Reduction in Yield for all Unit Linked insurance products
