Question

Which of the following is a requirement specified in the Form IRDA-Life-Non Linked-NP for insurers to file a group term product to IRDA of India?

a.

Description of the product's features, including participation status and non-forfeiture benefits.

b.

Minimum and maximum entry age, policy term, and maturity age.

c.

Annual proof of disability for continued waiver of premium.

d.

Restrictions on travel outside India and future occupation.

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Minimum and maximum entry age, policy term, and maturity age. Explanation:The Form IRDA-Life-Non Linked-NP requires insurers to provide details such as the minimum and maximum entry age, policy term, and maturity age for the group term product. This includes specifying the age limits for individuals to enter the insurance scheme, the duration of the policy, and the maximum age at which the policy can mature. These details are essential for the proper pricing and administration of the group term product and must be accurately filed with IRDA of India.

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Q. Which of the following is a requirement specified in the Form IRDA-Life-Non Linked-NP for insurers to file a group term product to IRDA of India?
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