IRDAI issues relaxations in Point of Sales

Modified maximum Sum Assured Limit on a single Life for a Non-Linked, Non-Participating Endowment Product is Rs. 25 lakhs(excluding ADB) at insurer level (per insurer).

IRDAI has instructed insurers to provide disclosure of benefit/premium illustration for Health insurance policies issued on floater basis

The benefit illustration shall be made part of the prospectus or sales literature of the product as directed under Consolidated Guidelines on Product filing in Health Insurance Business. Insurers shall also provide customized benefit illustration in the prescribed format in their websites so as to enable the customers to make out the difference while opting for coverage.