Page 58 - Insurance Times September 2015 SAMPLE
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tal and bold letters. This declaration is "I ALSO UNDER- ity and is a proper chronological and combined listing of the
STAND THAT WHILST ___% OF MY FIRST YEAR PREMIUM benefits of two or more individual products.
WILL BE INVESTED IN UNIT LINKED INVESTMENT FUNDS
THERE ARE CHARGES DURING THE FIRST POLICY YEAR The benefit illustration shown in the advertisements truly
AS GIVEN IN THE BENEFIT ILLUSTRATION". and fairly represents the combined benefits of individual
products and does not in any way exaggerate the same.
Norms while promoting the Product Com-
binations All Life Insurers shall ensure that any insurance advertise-
ments used by insurance agents/intermediaries are duly
Life Insurance Advertisements should not offer, as induce- approved as per the provisions of Regulation 6 of IRDA (In-
ment, any award / reward points, discounts and rebates, surance Advertisements) Regulations, 2000 and filed within
except those approved by the Authority as part of product 7 days from the date of the release.
features, either from Insurer directly or through arrange-
ment with any third party involving any expenses / costs / IRDA (Linked Insurance Products) Regulations, 2013 & IRDA
outgo to the Insurer. (Non-Linked Insurance Products) Regulations 2013, as ap-
plicable to Linked/Non-Linked Products being part of the
Where more than one product and combination of their Combination, need to be complied with.
benefits are promoted in a single advertisement, there shall
be a complete disclosure of all the related particulars of Spurious Phone Calls and Fictitious/
Individual Products, inter alia, a reference to the respective Fraudulent Offers
product names and UIN, a caveat advising the prospect to
refer the detailed sales literature of the respective individual All Life Insurers shall flash on their Home Page of their
products, segregated premium particulars of each product. websites, the following Public Notice issued by IRDAI cau-
tioning general public about spurious calls and fictitious of-
Such advertisements as described in (14.2) above should fers. This may also be inserted in a box item prominently
contain a specific declaration as "Advertisement Disclaimer" at the end of all their product advertisements in print me-
on Top in BOLD [not less than Font size 7]. dia including pamphlets, publicity material, etc. with a view
to educate the customers on the role of Regulator and also
"This advertisement is designed for combination of Benefits caution the public on spurious calls.
of two or more individual and separate products named (1)
____ (2) ____ (3) ____ (as applicable) etc. The Customer Beware of Spurious Phone Calls and
has the choice of purchasing any one or more products as Fictious/Fradulent Offers
per his/her need and choice and there is no compulsion
whatsoever that these products are to be taken together IRDAI clarifies to public that
as suggested by the Insurer and presented in this advertise-
ment. The customer is expected to ask questions, under- 4 IRDAI or its officials do not involve in activities like sale
stand and satisfy himself that the combination meets his/ of any kind of insurance or financial products nor invest
her specific needs better before deciding to purchase the premiums.
suggested combination. This Benefit Illustration is the arith-
metic combination and chronological listing of combined 4 IRDAI does not announce any bonus.
benefits of individual products. The customer is advised to
refer the detailed sales brochure of respective individual 4 Public receiving such phone calls are requested to lodge
products mentioned herein." a police complaint along with details of phone call, num-
ber.
A certificate by the Appointed Actuary must be enclosed at
the time of filing of advertisements as described in (14.2) At the end of TV Advertisements/Cinema Hall Advertise-
with the Authority which will state - ments of Life Insurance, the slide placed at Annexure -I may
be displayed continuously for a minimum period of 5 (five)
The benefit illustration shown by combining the benefits of seconds. (Hindi version in Annexure-II is also enclosed) .True
more than one products is nothing but the arithmetical translation in other Indian Languages may also be used as
Combination of all the individual product benefit illustrations per need with due certification.
(state product names and UIN) as approved by the Author-
(Nilesh Sathe)
Member (Life)
54 The Insurance Times, September 2015
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