Life insurance companies have started to re-file traditional (non unit-linked) products in order to meet the new guidelines issued by IRDA. Recently, IRDA had issued a fresh set of guidelines which have to be met by all life insurance products effective 01st October 2012.
Companies are re-filing products to comply with the revised terms and conditions laid down by IRDA. Some insurance companies are waiting for further clarity on this matter while others worried about business interruption and hence already initiating the process of re-filing. As per rule, the life insurance products that do not meet the new guidelines will have to be withdrawn from the market before 1st October 2012.
Life insurance companies are trying their best to expedite the whole process of re-filing and re-launching their products with fresh marketing and communication material.