Section 5 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
5. Par Products.
- Par products shall be as defined in the IRDAI (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 and can be offered only under non-linked platform. Under the par products, the bonus accruals during the term shall be as follows:(a)Regular bonus shall be declared only on an annual basis;(b)Interim bonus shall be declared at the annual valuation period, which shall become payable during the intervaluation period.(c)Terminal bonus or other forms of bonus, if any, shall become payable on the specified events or at the end of the term of the policy.(d)In case of par products, the maturity benefits shall closely reflect the asset share.
