Section 37 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
37. Level Premiums.
(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, provided after payment of premiums for first five completed policy years the policyholder may be given an option to decrease the premium up to 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 5 of these Regulations. Sustainability of the policy due to reduction of premiums shall be demonstrated under product filing procedure.(b)Any additional payments made on ad hoc basis shall be considered as top-up premium and treated as single premium for the purpose of providing insurance cover.
