Guidelines related to life insurance policy have been issued by the Insurance Regulatory Irda (IRDAI). Guidelines issued by IRDAI have said to take steps for policy misselling and transparency. Now it will be necessary to clearly describe the benefits of the life insurance policy separately. The new rules will be applicable to all companies from 1 December.
Under this, the insurance company will have to clearly state the projected guaranteed return on the policy. Projected variable returns must also indicate the minimum possible return. The customer has to tell the returns by example also according to the period. Also, the company will take the information about returns and benefits with the signature of the customer.
Information in the online policy will have to be given on the main page. This information will not be given on hyperlink. A clear description of capital letters will be necessary for the policy document.