IRDA News: `Pension products must have annuity for approval’

J Hari Narayan hit out at companies filing for approval of pension products that do not have the pension element in it. Addressing reporters at an insurance summit organised by Assocham, he said: “Products which have been called pension products and filed for approval are not pension products. They may call it such but it is not. It’s much like a mutual fund product in which you make a periodic investment and anytime can pull it back… Hence, it will not be approved.” Read more