Section 3 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
3. Definitions.
- In these Regulations, unless the context otherwise requires,(a)"Act" means the Insurance Act, 1938 (4 of 1938).(b)"Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).(c)"Annualized Premium" shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.(d)"Death benefit" means the benefit which is payable on death, as stated in the policy document.(e)"Employer-Employee Group" means group where an employer-employee relationship exists between the master policyholder and the member, in accordance with the relevant laws.(f)"Maturity Benefit" means the benefit, which is payable on maturity as stated in the policy document. In addition to the sum assured on maturity, the bonuses, additional benefits as stated in the policy and accrued till the date of maturity shall become payable as part of the maturity benefit, if not paid earlier.(g)"Non-Employer-Employee Group" means group other than employer-employee, where a clearly evident relationship between the member and the group policyholder, for services other than insurance, exist.(h)"Pure Risk Premium Products" means insurance products where the payment of agreed sum (without any savings element) is assured on the happening of a contingency dependent on human life within the term of the policy and doesn't provide any payment of benefits either before survival or on survival of the insured or on maturity of the policy. This definition is as per Regulation 2(1)(g) of IRDAI (Expenses of Management of Insurers transacting Life Insurance Business), Regulations, 2016.(i)"Revival of a Policy" means restoration of the policy, which was discontinued due to the non-payment of premium, by the insurer with all the benefits mentioned in the policy document, with or without rider benefits if any, upon the receipt of all the premiums due and other charges or late fee if any, as per the terms and conditions of the policy, upon being satisfied as to the continued insurability of the insured or policyholder on the basis of the information, documents and reports furnished by the policyholder, in accordance with Board approved Underwriting policy.(j)"Rider Benefits" means an amount of benefit payable on a specified event offered under the rider, and is allowed as add-on benefit to benefit under base product, and may include waiver of premium benefit on other applicable riders.(k)"Savings Products" means those products other than "Pure risk premium products".(l)"Sum Assured on Death" means an absolute amount of benefit which is guaranteed to become payable on death of the life assured in accordance with the terms and conditions of the policy or an absolute amount of benefit which is available to meet the health cover.(m)"Sum Assured on Maturity" means the amount which is guaranteed to become payable on maturity of the policy, in accordance with the terms and conditions of the policy.(n)"Surrender" means complete withdrawal or termination of the entire policy.(o)"Surrender Value" means an amount, if any, that becomes payable in case of surrender, in accordance with the terms and conditions of the policy.(p)"Total Premiums Paid " means total of all the premiums received, excluding any extra premium, any rider premium and taxes.(q)All words and expressions used herein and not defined in these Regulations but defined in the Insurance Act, 1938 or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or in any Rules or Regulations made thereunder, shall have the meanings respectively assigned to them in those Acts or Rules or Regulations.Chapter-II Product Structures
