a) All pension products shall have explicitly defined assured benefits that is applicable on date on surrender and on investing, which is disclosed at the time of sale of the policy
b) Pension products offered by the insurers may have an insurance cover throughout the deferment period or may offer riders. The sum of all rider premium attached to the pension product shall not exceed 15% o f premium paid by any insurance policy. Such rider premium shall account separately and shall not be included in arriving at the assured return.
3) On date of investing, the policy holder shall have all the following options.
a) to commute to the extent allowed under Income Tax Act and to utilize the balance amount to purchase immediate annuity/pension rate or
b) to utilize the entire proceeds to purchase a single premium deferred pension product or
c) to extend the accumulation period/deferment period in the same policy, provided the policy holder is below an age of 55 years
4) If the policy holder dies during the deferment period, the nominee shall be entitled to
a) Utilize the entire proceeds of the policy or part thereof for purchasing an annuity at the then prevailing rate or
b) Withdraw the entire proceeds of the policy.
Click here to read the IRDA circular dated 8th November, 2011
Best Regards
Prakash Nair
www.keralites.net          |
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