Irda took the decision following the recommendations on the draft exposure which were put up on its website in February for comments from the interested parties.
Irda has also said that insurers must give customers a set of claim forms with the terms and conditions.
In a statement,
IRDA said, the policies purchased after March 31 and till date could be valid and the full implications are being worked out.
The new law gives statutory powers to the regulator,
IRDA, and takes away the monopoly positions enjoyed by the two government-run insurers.
In another charge,
Irda imposed a penalty of Rs 60 lakh stating "the life insurer has sourced business through unlicensed entities and is obtaining leads from many firms and payments are made to these entities..."
Earlier taking the SEBI head-on,
IRDA had asked insurance firms to continue selling Unit Linked Insurance Plans (ULIPs), a day after the capital market watchdog barred 14 insurers from selling these products without its approval.
The Insurance Regulatory and Development Authority (
Irda) has accused SBI Life of unfairly benefiting its corporate agents in the sale of Dhanraksha Plus, a limited premium paying term policy, and asked the insurer to refund Rs 275 crore to policyholders.
" The
IRDA's move to offer porting in health insurance should have offered the benefit of porting irrespective of the time period.
MUMBAI -- Insurance regulator
IRDA has said that all universal life products, a new kind of insurance which entered India recently and gives greater flexibility to customers, will not have any unit-linked component in them.
Indian insurance regulator,
Irda, could allow customers to change service providers if they are not happy with the service.
Before standardisation, the Insurance Regulatory and Development Authority, or
Irda, used to spend a lot of time checking how an insurer defines a term.
