IRDAI vide press release dated June 23, 2023 has notified about the extension of the “Use and File” procedure to:
- Group Unit-Linked Insurance products;
- Individual Unit-Linked Insurance products;
which are offered with new funds and Combi products wherein the Life Insurer acts as the lead.
Reference for the same can be drawn from Circular no. IRDAI/ACTL/CIR/PRO/135/06/2023 of IRDAI dated June 20, 2023. Further, no prior approval is required to launch these products, thereby enhancing ease of doing business and encouraging swift response to market demands and this shall also boost innovation in products resulting in better choices for the customers. The extension of “Use and File” procedure was primarily done in October 2022.
Source category: IRDAI
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