Hii Guys , Here I want to Know Guidelines on Variable Insurance Products (VIP) of Life Insurance Companies , Pleas Provide me Same Information ?

Variable Insurance Product (VIP) Shall be Defined as a Non- Linked Life Insurance Product that Provides:

Death benefit equivalent to the guaranteed sum assured plus the balance in the savings account.

Maturity benefit equivalent to the balance in the savings account.

These Products shall have the Following Features:

Benefit payable on death:

The benefit payable on death shall be the sum assured chosen by the policyholder together with the balance in the policy account as on the date of death.

Benefit payable on Maturity:

The benefit payable on maturity shall be the balance of money in the policy account plus the terminal bonus (if any), as applicable.

Only level regular premiums will be permitted in these policies. Single premium or Limited premiums shall not be allowed.

The premium shall be shown separately as risk premium, charges, commission and policy components.

The minimum policy and premium payment term shall be five years.

All Variable insurance products shall have a lock-in period of three years.

For Complete Details Here Attachment of this page :

Guidelines on Variable Insurance Products (VIP)