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Title: Exposure Draft
Reference No.: --
Date: 21/05/2015
IRDAI (Minimum limits for annuities and other benefits) REGULATIONS, 2015
Re: Minimum annuities and other benefits regulations
The Government India issued Insurance Laws (Amendment) Ordinance, 2014 and which later was formalised as Insurance Laws (Amendment) Act, 2015 which amended the Insurance Act, 1938 and IRDA Act, 1999.
The Bill empowered the Authority to issue regulations covering various areas and one such area is minimum limits for annuities and other benefits secured by policies offered by life insurers. As per the provisions of Sec 4 of the Insurance Laws (Amendment) Act, 2015, “the insurer shall pay or undertake to pay on any policy of life insurance or a group policy issued, a minimum annuity and other benefits as may be determined byregulations”.
It is proposed to retain the framework existed prior to the amendment of the Insurance Act, 1938 to ensure minimum interruption to the industry at this given time. As per the draft, it is proposed that “no life insurer shall pay or undertake to pay an amount of benefit excluding any profit or bonus on any policy of insurance issued, of less than:
i. An amount of Rupees one hundred per annum
ii. A gross sum of Rupees one thousand
Provided, that this shall not prevent an insurer from converting any policy into a paid up policy of any value or payment of surrender value of any amount.
Further, nothing in these regulations shall to invalidate the contracts entered prior to these regulations coming into force
Feed back / comments on the proposed draft regulations enclosed herewith are requested to be forwarded to the following email ID within two weeks.
J Meena Kumari
HOD(Actuarial)
