Index-linked insurance products (Ilips) are expected to be absent from the product portfolio of life insurers from October, when the new norms for traditional products will be enforced.
In line with the new product guidelines, Ilips will not be considered as a separate category.
Life insurers have approached the Insurance Regulatory and Development Authority (Irda) to allow the sale of these products after the October deadline.
If Irda doesn’t consider the plea, life insurers will either have to completely modify the product or discontinue it.
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