Aviva Life launches 13 products compliant with new Irda product norms

Irda recently announced new set of regulations for products in life space; deadline for compliance was Oct 1, 2013

Aviva Life Insurance, today announced the launch of 13 products that are compliant with the new traditional product guidelines, one of the earliest to conform to the new guidelines in the life insurance space.

Sanjeeb Kumar, Appointed Actuary at Aviva Life said, "It has been Aviva's endeavor at all times to bring out products that are not only compliant to the regulatory guidelines but also be the best in class for a consumer. These products are consumer friendly and also offer them better perspective of returns from their policies."

Insurance Regulatory and Development Authority (Irda) had recently announced a new set of regulations for products in the life space and the deadline for compliance was October 1, 2013, which was later extended to January 1, 2014.

The uniquely designed products will focus on providing higher minimum guarantee on premature withdrawal, higher life cover for customers, offer better surrender values and improved disclosures. Irda has also mandated a suitability analysis effective April 1, 2014.

Aviva has made it mandatory for all its agents and intermediaries to conduct a suitability analysis before suggesting an insurance product to a potential customer.