Page 47 - Insurance Times April 2017 Special Issue on Newindia

3.3. Addition of already approved riders to approved those distribution channels which are being
products provided the following norms are added now. The change is limited to +/-
satisfied: 10% of the premium rates and benefit
3.3.1. There is no change in premium rates/ amounts under the approved products/
charges and benefit amounts of the riders riders.
which are being added. 3.6. Addition of approved unit linked fund to approved

3.3.2. There is no change in premium rates/ unit linked product provided the following norms
charges and benefit amounts of the are satisfied:
products to which the riders are being 3.6.1. There is no change in charging structure
added. and other norms of approved unit linked
fund which is being added now.
3.4. Addition of premium payment modes
(frequencies) provided the following norms are 3.6.2. There is no change in charging structure
satisfied: and other norms of unit linked product to
3.4.1. There is no change in premium rates/ which the fund is being added.
charges, benefit amounts and charging
3.7. Extension of premium table to higher/lower ages
structure under products and riders to
or to longer /shorter premium payment terms
which the new premium payment mode and policy terms under approved products/riders
(frequency) is being added.
provided the following norm is satisfied:
3.4.2. The premium mode (frequency) being 3.7.1. There is no change in premium basis and
added is monthly, quarterly, half yearly or other terms and conditions under the
annual and that the resulting premium approved products/riders and that the
amounts under each mode (frequency) are same basis is being used for calculation of
consistent with the premium amounts premium rates/charges and benefit
under other premium modes (frequencies) amounts under extended ages, premium
of the same product and other similar paying term and policy terms.
products.
3.8. Change in minimum / maximum premium and/or
3.4.3. The basis for arriving at the premium benefits amounts provided the following norms
amounts under premium modes being are satisfied:
added is disclosed in File and Use in track 3.8.1. There is no change in premium basis of the
change mode and that it will be consistent products/ riders.
with basis used for other modes for the 3.8.2. There is no change in premium rates/
same product/rider and other products/ charges and benefit amounts under
riders of similar nature.
product and riders.
3.5. Addition of new Distribution Channels provided the 4. Procedure to be followed by the insurers in case of
following norms are satisfied: above minor modifications to approved products:
3.5.1. There is no change in premium basis of The insurers may launch the modified version of the
approved product/rider except the product / rider provided the following conditions are
commission rates, rewards and expenses
satisfied
under distribution channels being added a. The existing version of the product /rider is
now. withdrawn from the market for new business
3.5.2. There is no change in premium rates/ before launch of modified version of that product
charges and benefit amounts under
b. A complete set of File and Use, Sales literature,
distribution channels already existing under policy document, key features document,
the approved product. proposal form showing the changes in track
3.5.3. The change in premium rates/charges and change mode along with certificates and other
benefit amounts, if any, pertains to only documents as mentioned in Annexure I and II duly

The Insurance Times, April 2017 47

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