The Insurance Regulatory and Development Authority (Irda) has constituted working groups for the standardisation of products aimed at bringing uniformity in the products offered by life insurance companies.
Irda has set up working groups for unit-liked (Ulips) plans, linked variable insurance plans (VIPs), non-linked VIPs and other non-linked plans. Each of the four working groups would have six members from life insurance companies and one Irda representative.
The focus of the working groups would be to standardise the design of the products, determine relevant parameters which may need to be defined for each of the product and ensure that these parameters are consistent with the Irda regulations.
It will also determine the numerical range within which parameters could be permitted.
Irda has asked the members of the working groups to submit a report on the standardisation of products within 3 months.
