The new norms for traditional insurance products will come into force from October 1 this year. However, the norms would not impact the industry, said T S Vijayan, Chairman of Insurance Regulatory and Development Authority.
Initially there were some apprehensions. But, we had many sessions with the industry and explained to them what it is, and about modalities of implementation, said Vijayan. The new norms will come with a change in the product design by aligning charges of traditional products with those of the unit-linked plans and pension products, among others.
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