1. Application.—This circular is applicable to all life insurers carrying on life insurance business in India, registered in accordance with section 3 of the Insurance Act, 1938, in respect of all life insurance products other than the products classified under linked-business. The products referred to herein are life insurance products under life insurance business, general annuity business, pension business, or health insurance business, as the case may be.

2. Description of File and Use Procedure.— (1) An insurer, who wishes to introduce a new product, shall file an application for such product with the Authority and use the product for sale in the market, subject to the requirements set out in para 3.

  1. An insurer, who wishes to make changes to any existing product or to withdraw an existing product, shall conform to the requirements set out in para 4 for changes and in para 5 for withdrawals.
  2. A separate application shall be made in respect of each product.

3. Procedure to be followed for introduction of new insurance products.— (1) A life insurer, wishing to introduce a new product, shall submit an application to the Authority along with Form IRDA - Life-Non Linked -NP. The Authority will issue an acknowledgement of date of receipt of application.


  1. Within 30 days of the receipt of the application referred to in sub-para (1), the Authority may seek additional information with regard to the product, and the insurer shall not commence selling the product in respect of which additional information has been sought by the Authority, until the Authority confirms in writing having noted such information. If no such information is sought by the Authority, the insurer can commence selling the product in the market, as set out in the application after the expiry of the said 30-day period.

4. Procedure to be followed for changes in terms and conditions of existing products. – A life insurer, wishing to make changes to an existing product, shall submit an application to the Authority setting out the details of the changes in the terms and conditions and giving reasons for the proposed changes, subject to procedure laid down in para 3.

5. Procedure to be followed in case of withdrawal of existing products. – A life insurer, wishing to withdraw an existing product, shall inform the Authority giving the details of the product and the reasons for withdrawal.


Form IRDA–Life-Non Linked -NP

Application for ‘file and use’ of Non-Linked Life Insurance Products.

1. Name of Life Insurer:

2. Name of Appointed Actuary:

3. Brand Name of the insurance product (market name):

4. Date of introduction of the product (proposed in case of new products; actual date in case of existing products)

5. Date of change (proposed in case of existing products, but not applicable for new products)

Terms and Conditions

6. Tick or Fill the boxes in the following, in respect of the insurance product:-

  1. Whether the product is offered to:
  2. [Males] / [Females] / [Both]

    [Smokers]/[Non Smokers]/[All]

    [Individuals] / [Groups]/[All]

    [Standard Lives]/[All types of Lives – including impaired lives]

    [Specific geographic location]/[All geographic regions of India]

    [Urban population]/[Rural population]/[All]

    [Targeted Section]/[Socially weaker sections]/[Any other]/[All]—specify clearly

  3. Whether the product offered is for a limited period of -------- months.
  4. State:
  5. Minimum Face Amount/Basic Sum Assured/ Annuity p.a. : Rs. [ ] in 000’s

    Maximum Face Amount/Basic Sum Assured/ Annuity p.a.: Rs. [ ] in 000’s

    Minimum Premium Amount: Rs .[ ] per instalment.

    Maximum Premium Amount: Rs. [ ] per instalment.

    (in years)

    Minimum Entry Age: [ ]

    Maximum Entry Age: [ ]

    Minimum Policy Term:[ ]

    Maximum Maturity Age: [ ]

  6. Specify whether terms and conditions include:

[restriction of travel outside India] / [No restrictions on travel]

[restriction of future occupation] / [No restrictions on future occupation]

7. General Description of the Product.

This section should describe the various contingencies under which the benefits would be payable and how these benefits would be calculated.

8. Product Features.

This section should describe the following:


9. Target Market.

This section should discuss the target market for which the product is designed. If the product is to be marketed for a limited period, this should be indicated. (Generally, no such time limitations may be intended.) If the product is be targeted to any specific geographic regions, this should be indicated.

10. Distribution Channels

This section should describe the channels to be used for distributing the product. If multiple channels are to be used, the expected proportions should be indicated.

11. Treatment of Different Classes for the purpose of underwriting.

This section should discuss how the different segments of the population will be dealt with (to the extent they are relevant), e.g.

12. General Policy Provisions

This section should give information on the following:

13. Reinsurance

This section should describe the reinsurance arrangements. The retention limit should be indicated. The name of the reinsurer and the terms of reinsurance (premium rates, commissions, etc.). Any recapture provisions should be described.

Financial Projections:

14. Pricing Assumptions

The pricing assumptions will depend on the nature of product. Give details of the following (Also, give the actuarial formulae, if any, used; if not, state how premiums are arrived at):

(The expenses should include a provision for future inflationary increases)


15. Results of Financial Projections

The financial projection should show the following, for each model point (age and term combination):

16. Proposal Form and Sales Literature : (Application form required to be filled by the proponent to purchase the insurance product).

Enclose a specimen copy of the proposal form along with the prospectus and sales literature made available providing information to the prospects.

17. Policy Bond. [insurance contract]

Enclose a specimen copy of the policy bond to be issued to the purchaser of the insurance product.

18. Premium Table (including Rider Tables)

Enclose a copy of the premium table to be used by the distribution channels.

19. Certification.

The Insurer shall enclose a certificate from the Appointed Actuary, as per specimen given below:

" I, (name of the appointed actuary), the appointed actuary of the life insurer: (name), hereby solemnly declare that the information furnished in the IRDA/Form – Life-Non Linked -NP dated (date), is true and certify that, in my opinion, the premium rates, advantages, terms and conditions of the product (name of the product), which is a new insurance product to be launched in the market, are workable and sound, the assumptions are reasonable and premium rates are fair."


Signature of the appointed actuary.


Date: Counter Signature of the principal officer.

Explanatory Notes:

(a) Item 8. Product Features:

The insurer shall also file with the Authority the non-guaranteed (special) surrender values made available to policyholders from time to time.

The insurer can give here the actual commission/remuneration made available to different types of agents/insurance intermediaries. He may indicate the range of commission/remuneration payable according to performance. Changes in the scales, if any, made by him, need not be informed to the Authority unless specifically asked by the Authority.

(b) 16. Proposal Form and Sales Literature: (Application form required to be filled by the proponent to purchase the insurance product).

The insurer should enclose (1) Sales Literature (2) Prospectus and (3) Proposal Form made available to the general public/prospects at the time of the application for insurance contract.

(c) 15. Results of Financial Projections

The insurer should indicate the model points such as entry ages 20, 30, 40, 50, 60 and terms, say 10, 20, 30, depending upon the product.

(d) Riders/Add-on benefits: The insurer shall give the general description indicating how the scales of premium has been arrived at and also how and when benefits are payable.

(e) This form is also applicable to products for group business.