IRDAI draft proposal to suit customer needs, provide more benefits

Proposals in IRDAI's draft product guidelines like similar minimum death benefit across all ages and extending the revival period to five years are positives

The Insurance Regulatory and Development Authority of India (IRDAI) has put out draft product guidelines to review and standardise the 2013 regulations on linked and non-linked insurance products. This move has been necessitated by significant changes in trends in product structures, driven by customers’ needs. IRDAI had formed a Committee on Review of Product Regulations–Life to draft the regulations.

One positive proposal relates to differentiated pricing of protection products for customers who use wearables. Marketing Director and chief digital officer, Manik Nangia of Max Life Insurance said: "Insurance is likely to change from being a product that you purchased once