Insurance companies to offer a standard term life policy, 'Saral Jeevan Bima' from January 1
IRDAI in its circular has asked all the life insurance companies to file the product with the IRDAI latest by December 31
'However, insurers may file the product earlier and offer the same on approval even before January 1, 2021,' says IRDAI.
All life insurance companies have to mandatorily come out with a standard, individual term life insurance policy called 'Saral Jeevan Bima' from January 1, 2021. IRDAI has shared guidelines with all life insurance companies on standard individual term life insurance product on Wednesday. "There are many term products in the market with varying terms and conditions. Customers who cannot devote adequate time and energy to make informed choices find it difficult to select the right product. It is felt necessary to introduce a standard, individual life insurance product with simple features and standard terms and conditions," said IRDAI in a circular.