Life Insurance Products Can Be Launched Without Prior Approval: IRDAI

This step has been taken after giving similar discounts on health and general insurance products.

New Delhi:

The Insurance Regulator (IRDAI) on Friday allowed insurance companies to launch new life insurance products without its prior approval. The move comes after similar discounts were given in health and general insurance products last week.

“This will facilitate ease of doing business for insurance companies and will also expand the options available to policyholders,” the Insurance Regulatory and Development Authority of India said.

The regulator said this would enable life insurers to launch most products (except personal savings, individual pension and annuity) on time.

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