The Insurance Regulatory and Development Authority (Irda) had extended
the deadline for implementation of new individual product regulations
for the life insurance sector by three months to December 31, to enable
insurers to cope with the system readiness.
The new guidelines are aimed at making insurance policies more customer-friendly.
"All the existing group policies and all the existing individual
products not in conformity with the provisions of this regulation shall
be withdrawn from August 1, 2013 and January 1, 2014, respectively,"
Irda had said in a circular.
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