INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Date: 5th May,2017
Ref No. IRDA/ACT/CIR/ULIP/113/05/2017
All CEOs of Life Insurance Companies
Re: IRDA/ACTL/CIR/ULIP/174/08/2016 dated 26.08.2016- Revival Option under discontinued Unit Linked Policies
In view of the above, it is reiterated that when the policyholder opts for complete withdrawal during the lock-in period or does not opt for revival within the lock in period, the fund value should be payable to the policyholders at the end of the lock-in-period as per the provisions of the IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010 and clarifications issued thereon.
This has approval of the competent Authority.
(S P Chakraborty)
General Manager (Actuarial)