Date: 2015-09-03Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred under Section 114 (A) of the Insurance Act 1938 read with Section 26 of Insurance Regulatory and Development Authority Act 1999.
Executive Summary:
This document outlines the Insurance Regulatory and Development Authority of India's regulations regarding minimum limits for annuities and other benefits offered by life insurers. These regulations, effective from the date of publication in the Official Gazette, apply to all life insurance products approved by the Authority after the notification date. The Authority may issue instructions for withdrawing non-compliant products approved before the notification date.
Key Points / Main Content:
General
* These regulations are called the "Insurance Regulatory and Development Authority of India (Minimum Limits for Annuities and other Benefits) Regulations, 2015".
* These regulations come into force on the date of their publication in the Official Gazette.
* These regulations are applicable to all life insurance products approved by the Authority after the date of notification.
* Insurance policies issued prior to these regulations coming into force are not invalidated.
* The Authority may issue separate instructions for withdrawing products not in compliance with these Regulations but currently offered by Life Insurers and approved prior to the date of notification.
Definitions
* "Act" refers to the Insurance Act, 1938.
* "Authority" refers to the Insurance Regulatory and Development Authority of India.
* Terms not defined within these Regulations but found in the Insurance Act 1938 or the Insurance Regulatory and Development Authority Act, 1999, shall have the meanings assigned to them in those Acts or Rules or Regulations.
Minimum Benefit Limits
* Life insurers must pay a minimum benefit amount (excluding profit or bonus) of:
* Rupees 1,000 per month for annuity policies.
* Rupees 5,000 for gross sum policies, except under Micro Insurance and Health Insurance Business.
* Rupees 1,000 for gross sum under Micro Insurance and Health Insurance Business.
* Conversion of a policy into a paid-up policy or payment of surrender value is permitted, regardless of the amount.
* Minimum Benefits must comply with existing regulations related to Non-Linked Insurance Products, Linked Insurance Products, Health Insurance, and Micro-Insurance.
* The Authority may approve lower Annuities and other Benefits than the amount specified under extraordinary circumstances.
Impact Analysis:
Life Insurers:
* Impact: Must ensure all newly approved life insurance products comply with the minimum benefit limits. May need to withdraw non-compliant products approved before the notification date, based on Authority instructions.
* Action Required: Review product offerings and adjust to meet the new minimum limits. Await and implement any withdrawal instructions from the Authority.
Policyholders (Existing):
* Impact: Existing policies issued before the regulation's effective date remain valid.
* Action Required: No immediate action required.
Policyholders (Future):
* Impact: New policies will adhere to the defined minimum benefit limits.
* Action Required: Be aware of the new minimum limits when purchasing new life insurance products.
Insurance Regulatory and Development Authority of India:
* Impact: Responsible for enforcing the new regulations and potentially issuing withdrawal instructions.
* Action Required: Oversee the implementation of the regulations and provide guidance to life insurers.
Key Entities Referenced
Insurance Regulatory and Development Authority of India: A regulatory body that supervises and regulates the insurance industry in India.
Insurance Act, 1938: An Indian law relating to the regulation of the insurance industry.
Insurance Regulatory and Development Authority Act, 1999: An Indian law that established the Insurance Regulatory and Development Authority of India.
Insurance Advisory Committee: A committee consulted by the Insurance Regulatory and Development Authority of India.
Insurance Regulatory and Development Authority of India Minimum Limits for Annuities and other Benefits Regulations, 2015: The name of the regulation being notified.
Hyderabad, Telangana: City in India, where Insurance Regulatory and Development Authority of India's office is located.
T.S. VIJAYAN: Chairman of the Insurance Regulatory and Development Authority of India.
Insurance Regulatory and Development Authority NonLinked Insurance Products Regulations, 2013: Regulations related to non-linked insurance products.
Insurance Regulatory and Development Authority Linked Insurance ProductsRegulations, 2013: Regulations related to linked insurance products.
Insurance Regulatory and Development Authority Health Insurance Regulations, 2013: Regulations related to health insurance products.
Insurance Regulatory and Development Authority of India MicroInsurance Regulations, 2015: Regulations related to micro insurance products.
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EXTRAORDINARY
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PART III—Section 4
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No. 302] NEW DELHI, THURSDAY, SEPTEMBER 3, 2015/BHADRA 12, 1937
भभभभााााररररततततीीीीयययय बबबबीीीीममममाााा ििििववववििििननननययययााााममममकककक औऔऔऔरररर ििििववववककककाााासससस (cid:1)(cid:1)(cid:1)(cid:1)ााााििििधधधधककककररररणणणण
अअअअििििधधधधससससचचूूचचूू ननननाााा
हदै राबाद, 31 अग(cid:3)त, 2015
भभभभााााररररततततीीीीयययय बबबबीीीीममममाााा ििििववववििििननननययययााााममममकककक औऔऔऔरररर ििििववववककककाााासससस (cid:1)(cid:1)(cid:1)(cid:1)ााााििििधधधधककककररररणणणण
((((ववववाााा(cid:9)(cid:9)(cid:9)(cid:9)षषषष(cid:11)(cid:11)(cid:11)(cid:11)ककककयययय(cid:13)(cid:13)(cid:13)(cid:13) औऔऔऔरररर अअअअ(cid:15)(cid:15)(cid:15)(cid:15)यययय ललललााााभभभभ(cid:13)(cid:13)(cid:13)(cid:13) ककककेेेे ििििललललएएएए (cid:15)(cid:15)(cid:15)(cid:15)ययययननूूननूू ततततमममम ससससीीीीममममााााएएएए))ँँ))ँँ ििििववववििििननननययययमममम,,,, 2222000011115555
फफफफाााा. सससस.ंंंं भभभभाााा.बबबबीीीी.ििििवववव.ििििवववव.(cid:1)(cid:1)(cid:1)(cid:1)ाााा./ििििववववििििननननययययमममम////11114444////111100004444////2222000011115555.—बीमा िविनयामक और िवकास (cid:5)ािधकरण
अिधिनयम, 1999 क(cid:12) धारा 26 के साथ प(cid:14)ठत, बीमा अिधिनयम, 1938 क(cid:12) धारा 114(ए) (cid:16)ारा (cid:5)द(cid:18) शि(cid:20)य(cid:22)
का (cid:5)योग करत े (cid:24)ए (cid:5)ािधकरण, बीमा सलाहकार सिमित के साथ परामश(cid:27) करन े के बाद, वा(cid:29)ष(cid:31)कय(cid:22) और अ य
लाभ(cid:22) हते ु यूनतम सीमा’ के िलए इसके (cid:16)ारा िन(िलिखत िविनयम बनाता ह ै ।
1111.... ससससििंंििंं (cid:24)(cid:24)(cid:24)(cid:24)(cid:25)(cid:25)(cid:25)(cid:25) ननननाााामममम औऔऔऔरररर (cid:1)(cid:1)(cid:1)(cid:1)ााााररररंंंंभभभभ
क. इन िविनयम(cid:22) का संि-. नाम भारतीय बीमा िविनयामक और िवकास (cid:5)ािधकरण (वा(cid:29)ष(cid:31)कय(cid:22)
और अ य लाभ(cid:22) के िलये यूनतम सीमा3) िविनयम, 2015 ह ै ।
ख. उपयु(cid:27)(cid:20) यह िविनयम सरकारी राजप8 म 9 इनके (cid:5)काशन क(cid:12) तारीख को (cid:5)वृ(cid:18) ह(cid:22)गे तथा जीवन
बीमाकता(cid:27)’ (cid:16)ारा (cid:5)(cid:3)तािवत सभी उ<पाद(cid:22) पर लाग ू ह(cid:22)ग े जो इन िविनयम(cid:22) क(cid:12) अिधसूचना क(cid:12)
तारीख के बाद (cid:5)ािधकरण (cid:16)ारा अनुमो(cid:31)दत ह(cid:22)ग े।
ग. (cid:5)ािधकरण उन उ<पाद(cid:22) को हटाने के िलए अलग अनुदशे जारी कर सकता ह ै जो इन िविनयम(cid:22) के
अनुसार नह= ह,> परंतु वतम(cid:27) ान म9 जीवन बीमाकता(cid:27)’ (cid:16)ारा (cid:5)(cid:3)तािवत (cid:31)कय े गय े ह > और जो
(cid:5)ािधकरण (cid:16)ारा इन िविनयम(cid:22) क(cid:12) अिधसूचना क(cid:12) तारीख से पहले अनुमो(cid:31)दत ह।>
3735 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
घ. जब तक (cid:31)क इन िविनयम(cid:22) म 9 (cid:5)ावधान हो, तब तक इन िविनयम(cid:22) के लाग ू होने से पहले जारी क(cid:12)
गई बीमा पॉिलिसय(cid:22) को अमा य न समझा जाए ।
2222.... पपपप(cid:27)(cid:27)(cid:27)(cid:27)ररररभभभभााााषषषषााााएएएए ँँँँ:::: इन िविनयम(cid:22) म9, य(cid:31)द यह संदभ(cid:27) लगते ह >:-
क. "अिधिनयम" स े बीमा अिधिनयम, 1938 (1938 का 4) अिभ(cid:5)ेत ह ै।
ख. “(cid:5)ािधकरण” से अिभ(cid:5)ाय बीमा िविनयामक और िवकास (cid:5)ािधकरण अिधिनयम, िजसका गठन
धारा 3 क(cid:12) उपधारा (1) के अंतग(cid:27)त बीमा िविनयामक और िवकास (cid:5)ािधकरण अिधिनयम, 1999
(1999 का 41) (cid:16)ारा (cid:24)आ ह ै।
ग. इन िविनयम(cid:22) म 9 (cid:5)यु(cid:20) और अप(cid:14)रभािषत, परंतु बीमा अिधिनयम,1938 अथवा बीमा िविनयामक
और िवकास (cid:5)ािधकरण अिधिनयम, 1999 (1999 का 41) अथवा उनके अधीन बनाये गये (cid:31)कसी
भी िनयम अथवा िविनयम म 9 प(cid:14)रभािषत सभी शKद(cid:22) और अिभLि(cid:20)य(cid:22) के अथ (cid:27) वही ह(cid:22)गे जो उन
अिधिनयम(cid:22) अथवा िनयम(cid:22) अथवा िविनयम(cid:22) म 9 Nमशः उनके िलए िनधा(cid:27)(cid:14)रत (cid:31)कये गये ह > ।
3333.... जजजजीीीीववववनननन बबबबीीीीममममााााककककतततताााा!! !! """"ाााारररराााा (cid:1)(cid:1)(cid:1)(cid:1)####ततततााााििििववववतततत पपपपॉॉॉॉििििललललििििससससयययय(cid:13)(cid:13)(cid:13)(cid:13) """"ाााारररराााा ररररिििि(cid:24)(cid:24)(cid:24)(cid:24)तततत ववववाााा(cid:9)(cid:9)(cid:9)(cid:9)षषषष(cid:11)(cid:11)(cid:11)(cid:11)ककककयययय(cid:13)(cid:13)(cid:13)(cid:13) औऔऔऔरररर अअअअ(cid:15)(cid:15)(cid:15)(cid:15)यययय ललललााााभभभभ(cid:13)(cid:13)(cid:13)(cid:13) ककककेेेे ििििललललएएएए (cid:15)(cid:15)(cid:15)(cid:15)ययययननूूननूू ततततमममम
ससससीीीीममममााााएएएए ँँ ँँ
कककक. कोई जीवन बीमाकता (cid:27) जारी क(cid:12) गई (cid:31)कसी भी बीमा पॉिलसी पर (cid:31)कसी लाभ अथवा बोनस को
छोड़कर लाभ क(cid:12) िन(िलिखत से कम रािश अदा नह= करेगा अथवा अदा करन ेका वचन नह= दगे ाः
i. 1,000 Pपय े (cid:5)ित माह क(cid:12) वा(cid:29)षक(cid:12)
ii. 5,000 Pपय े क(cid:12) सकल रािश (सूQम बीमा और (cid:3)वा(cid:3)Rय बीमा Lवसाय के अंतगत(cid:27) दये रािश को
छोड़कर)
iii. सूQम बीमा और (cid:3)वा(cid:3)Rय बीमा Lवसाय के िलए 1,000 Pपये क(cid:12) सकल रािश
बशत S (cid:31)क यह (cid:31)कसी पॉिलसी को (cid:31)कसी भी मूTय क(cid:12) (cid:5)द(cid:18) पॉिलसी म 9 प(cid:14)रव(cid:29)तत करन े अथवा (cid:31)कसी भी
रािश के अUयप(cid:27)ण मूTय का भुगतान करन े के िलये (cid:31)कसी बीमाकता (cid:27)को नह= रोकेगा।
खखखख. िविनयम 3(क) के अंतग(cid:27)त उ(cid:20) यूनतम लाभ समय-समय पर यथासंशोिधत बीमा िविनयामक और
िवकास (cid:5)ािधकरण (असंबV बीमा उ<पाद) िविनयम, 2013, बीमा िविनयामक और िवकास
(cid:5)ािधकरण (सबं V बीमा उ<पाद) िविनयम, 2013, बीमा िविनयामक और िवकास (cid:5)ािधकरण
((cid:3)वा(cid:3)Rय बीमा) िविनयम, 2013 तथा भारतीय बीमा िविनयामक और िवकास (cid:5)ािधकरण (सूQम
बीमा) िविनयम 2015 क(cid:12) (cid:5)ावधान सीमा तथा (cid:5)ािधकरण (cid:16)ारा इस सबं ंध म 9 जारी (cid:31)कय े गय े (cid:31)क ह=
अ य िनदशे (cid:22) के अनुसार ह(cid:22)गे।
4444.... (cid:5)ािधकरण उपयु(cid:27)(cid:20) 3(क) म9 िविनWदX रािश से कम वा(cid:29)ष(cid:31)कय(cid:22) और अ य लाभ(cid:22) का अनुमोदन असाधारण
प(cid:14)रि(cid:3)थितय(cid:22) के अंतगत(cid:27) कर सकता ह।ै
टी. एस. िवजयन, अYय-
[िवZापन. III/4/असा./161/15(192)]¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, the 31st August, 2015
Insurance Regulatory and Development Authority of India
(Minimum Limits for Annuities and other Benefits)
Regulations, 2015
F. No.IRDAI/Reg/14/104/2015.—In exercise of the powers conferred under Section 114 (A) of the
Insurance Act 1938 read with Section 26 of Insurance Regulatory and Development Authority Act 1999, the
Authority in consultation with the Insurance Advisory Committee hereby makes the following Regulations,
for Minimum Limits for Annuities and other Benefits.
1. Short title and Commencement
a. These Regulations shall be called Insurance Regulatory and Development Authority of India
(Minimum Limits for Annuities and other Benefits) Regulations, 2015.
b. The above Regulations shall come into force on the date of its publication in the Official Gazette and
shall be applicable to all the products offered by the Life Insurers which are approved by the
Authority after the date of notification of these Regulations.
c. The Authority may issue separate instructions for withdrawing the products which are not in
compliance with these Regulations but are currently offered by the Life Insurers and which are
approved by the Authority prior to the date of notification of these Regulations.
d. Unless otherwise provided by these Regulations, nothing in these Regulations shall deem to
invalidate the insurance policies issued prior to these Regulations coming into force.
2. Definitions: In these Regulations, unless the context otherwise requires:-
a. “Act” means the Insurance Act, 1938 (4 of 1938).
b. “Authority” means the Insurance Regulatory and Development Authority of India established under
sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41
of 1999).
c. All words and expressions used herein and not defined in these Regulations but defined in
Insurance Act 1938 or Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or
in any Rules or Regulations made thereunder, shall have the meanings respectively assigned to them
in those Acts or Rules or Regulations.
3. Minimum limits for Annuities and other Benefits secured by policies offered by Life Insurers:
a. No Life Insurer shall pay or undertake to pay an amount of benefit excluding any profit or bonus on
any policy of insurance issued, less than:
i. Annuity of Rupees 1,000 per month
ii. Gross sum of Rupees 5,000 (Except under Micro Insurance and Health Insurance Business)
iii. Gross sum of Rupees 1,000 for Micro Insurance and Health Insurance Business:
Provided that this shall not prevent any insurer from converting any policy into a paid-up policy of any
value or payment of surrender value of any amount.
b. The Minimum Benefits under Regulation 3 (a) shall comply with the extant provisions of Insurance
Regulatory and Development Authority (Non-Linked Insurance Products) Regulations, 2013,
Insurance Regulatory and Development Authority (Linked Insurance Products)Regulations, 2013,
Insurance Regulatory and Development Authority (Health Insurance) Regulations, 2013 and
Insurance Regulatory and Development Authority of India (Micro-Insurance) Regulations, 2015 as
amended from time to time and any other directions issued in this regard by the Authority.
4. The Authority may approve Annuities and other Benefits lower than the amount specified in 3 (a) above
under extraordinary circumstances.
T.S. VIJAYAN, Chairman
[ADVT- III /4/Exty./161/15(192)]
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.