Irdai says prior nod not needed for ULIPs; extends ‘use and file’ procedure

In a move to make product approvals easier, the Insurance Regulatory Development Authority of India (IRDAI) has extended the ‘Use and File’ procedure to Group Unit-Linked Insurance products, Individual Unit Linked Insurance products.

“Now, the life insurers can launch these products without prior approval, enhancing ease of doing business and encouraging swift response to the market demands,” IRDAI said in a release.

This move comes after the extension of ‘Use & File’ procedure for all Term Insurance products, Individual Unit linked products with existing funds and Non-Linked Group Insurance products in October, 2022.

“This will boost innovation in the products resulting in better choices for the customers,” the regulator said.