Section 20(b) in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
(b)Defined Assured Benefits:(i)All individual pension products shall have explicitly defined assured benefit that is payable on Death and may have a defined assured benefit payable on Vesting.(ii)The defined assured benefit shall be disclosed at the time of sale.(iii)The assured benefit shall be utilized on the vesting date or on date of death as stipulated in Regulations 22 and 23 under these Regulations, as applicable.
