The Insurance Regulatory and Development Authority (Irda) has constituted four working groups to standardise products offered by life insurance companies.
The groups would look at unit-liked investment plans, linked variable insurance plans, non-linked variable insurance plans and other non-linked plans. Each group would have six members from life insurance companies, along with an Irda representative.
The groups would focus on bringing uniformity in the designs of the products, determining relevant parameters for each product and ensuring these parameters are consistent with Irda regulations.
They would also determine the numerical range within which the parameters could be permitted.
Irda has asked the groups to submit a report on the standardisation of products within three months.