Re-launching of Existing Plans as per
“IRDA NEW PRODUCT REGULATIONS 2019”

[Notified on 15.07.2019]

No Changes in following existing products:
  • Jeevan arogya
  • Cancer Cover
  • Jeevan shanti
  • Tech term
  • Jeevan amar
A) Major points of modifications
under Non-Linked Products:

  • Death benefit condition
  • Revival condition
  • Guaranteed surrender value
  • Additional Riders
B) Major points of modifications
under Linked Products:
  • Minimum death benefit changes under non-linked products
  • Changes in charges structure
  • Discontinuous conditions
C) Major points of modifications
under Pension Products:

  • Commutation Limit up to 60% and option to purchase annuity from another insurer
  • New Option of buying deferred annuity on Surrender or vesting of Pension Policy
Major points of modifications under Non-Linked Products:

Death Benefit (DB):
  • Minimum DB has to be 7 times for RegularPremium and 1.25 times for Single Premium irrespective of age or premium paying term
Currently LIC's products have minimum DB of 10 times & above in regular premium and 1.25 times
& above in SP.
Hence there will be no impact onpricing of product. Only definition/ condition of DB in all documents will be changed.

Major points of modifications
under Non-Linked Products:

Revival Condition:

  • Revival of lapsed policies are allowed up to 5 years from the date of FUP
Impact: It is beneficial to both Policyholders and Agents.

Major points of modifications
under Non-Linked Products:

Guaranteed Surrender Value (GSV): GSV is payable if premiums are paid for atleast two consecutive years.

  • Surrender Period
During 2nd Yr of Policy
  • Regulation 2013
Nil
  • Regulation 2019
 30% of total Prm. Paid less
any SB paid


  • Surrender Period
During 3rd Yr of Policy
  • Regulation 2013
30% of total Prm. Paid less
any SB paid
  • Regulation 2019
35% of total Prm. Paid less
any SB paid

  • Surrender Period
In last 2 Yrs of Policy
  • Regulation 2013
90% of total Prm. Paid only
if term is less than 7 yrs
  • Regulation 2019
At least 90% of total Prm.
Paid less SB paid
irrespective of PPT



GSV for Single Premium policies:
  • Surrender Period
Within 3rd Policy year
  • Regulation 2013 
70% of total premium paid
less any SB paid
  • Regulation 2019
75% of total Prm. Paid less
any SB paid

  • Surrender Period
In 4th policy year
  • Regulation 2013 
90% of total Prm. Paid less any SB paid
  • Regulation 2019
90% of total Prm. Paid less any SB paid

  • Surrender Period
In last 2 Yrs of Policy
  • Regulation 2013
90% of total Prm. paid if
term is less than 7 yrs
  • Regulation 2019
At least 90% of total Prm.
Paid less SB paid
irrespective of PPT




Major points of modifications
under Linked Products:
  • Limits on Charging Structure changed.
  • Change in minimum Death Benefit definition same as for Non-Linked Product.
  • Discontinuance conditions changed.
  • Revival period changed from 2 yrs to 3 yrs.
  • Premiums for additional riders can be collected separately instead of deduction from units.
  • In case of settlement period after maturity, the risk shall be maintained at 105% of the total premium paid. Mortality charges to be deducted accordingly.

Major points of modifications
under Pension Products:

  • Commutation of Pension allowed upto 60%
  • Option to purchase annuity from another insurer to the extent of 50% of the proceeds of policy net of commutation
  • Option on surrender or vesting of pension policy now includes purchase of deferred annuity also
New changes in completion of New Business
w.e.f. 01.02.2020

Flow Chart for NB Completion
(w.e.f. 01.02.2020)
  • The Agent approaches the prospect & discusses the sale of plan which is most suitable to that prospect as per information collected in Form for Suitability Analysis.
  • The Agent will also provide the printout of Benefit Illustration of suggested plan for prospect's better understanding of Benefits.
  • Once prospect agrees with suggested Plan, Term, Sum Assured & Mode etc, then Proposer & Agent both, will sign with date, the Form of Suitability Analysis, Benefit Illustration & Proposal Form.
Documents to be submitted by the Agent for completion of proposals (along with other usual documents i.e. Age proof, KYC, Income Proof etc.)

*Proposal Form (New modified forms 300,340, 360 as the case may be)
*Form for Suitability Analysis (Duly signed with date by Both Agent & Proposer)
*Benefit Illustration printout of agreed plan (Duly signed with date by Both Agent & Proposer)

VIDEO IN MARATHI | JEEVAN ANAND NEW Changes