v Product structures Classified as :
• Participating products (PAR),
• Non-participating products (NON PAR) &
• Variable Insurance Products (VIP)
v Par products:
• Can be offered only under non-linked platform.
• Bonus accruals as regular bonus, interim bonus and terminal bonus
v Non-par products:
• May be offered either under a linked platform or a non-linked platform. (Linked regulations will be dealt with separately)
v Variable Insurance Products (VIP) :
• Can be offered as Par or Non par Product.
v Collection of advance premium is allowed if the same is paid within the financial year.
v Minimum policy term and premium paying term is 5 years.
v Guaranteed Surrender value will be accrued :
• If premium paying term is less than 10 years – premium is to be paid atleast 2 years
• If premium paying term more than 10 years- premiums is to be paid atleast 3 years.
v Death Benefits :
• Differs for Single premium products and non single premium products.
• Minimum death benefits varies according to age and term.
v At the end of each financial year a statement of account will be furnished to policyholder.
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