Question

How does a new group term plan come into existence?

a.

By submitting Form IRDA-Life-Non Linked-NP to the insurer.

b.

By obtaining approval from the appointed actuary.

c.

By introducing the product to the market with a brand name.

d.

By providing terms and conditions for the product's coverage.

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (a).By submitting Form IRDA-Life-Non Linked-NP to the insurer. Explanation:A new group term plan comes into existence by submitting Form IRDA-Life-Non Linked-NP to the insurer. This form, prescribed by IRDAI of India, contains various details about the group term product, including the insurer's name, appointed actuary, brand name of the product, introduction date, terms and conditions of coverage, target demographics, and marketing duration. Submitting this form to the insurer is a crucial step in the process of introducing a new group term plan to the market.

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