with the policyholders
* All traditional products will have a higher death cover
* For regular premium policies, the cover will be 10 times the annualised premium paid for those below 45 and seven times for others
* For all Ulips, companies will have to inform policyholders about the reduction in yield of their products on a monthly basis. Also, under the new norms, all variable insurance plans will guarantee a certain minimum rate of return at the beginning of the policy
* All variable insurance products will be treated at par with Ulips and these products will also follow the same commission package currently applicable for Ulips
* The new norms have reduced the commission on short-term policies and linked the quantity of commissions to the premium paying period for all products.
* For Ulips, the lock-in period will continue to be five consecutive years from the date of commencement of the policy
* For pension products, companies will have to offer insurance cover throughout the deferment period or offer riders
* The sum of all rider premiums attached to the pension product cannot exceed 15% of the premium paid for the pension policy
* Such rider premiums will be separately accounted for and cannot be included in arriving at the assured benefit.
To revive a discontinued policy, the insurer will collect all due and unpaid premiums without charging any interest or fee