Master Circular on Life Insurance Products

IRDAI vide circular dated 12th June, 2024 has issued a Master Circular on Life Insurance Products. This Master Circular provides necessary guidance on aspects pertaining to various provisions of the Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024 and applicable to all life insurers, unless otherwise specified.

This Master Circular shall be reviewed every year unless review or repeal is warranted earlier. Life insurers are required to make available products/riders to provide wider choice to the policyholders/prospects catering to:

1. The needs of the customers suitably;
2. All ages;
3. All regions, all occupational categories, persons with disabilities and any other categories;
4. The policyholders/prospects as per their affordability;