This new move comes days after IRDAI extended similar relaxations to health insurance products as well as general insurance covers. The IRDAI made the previous announcement on June 1, 2022.
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The insurance regulator aims to reform the agenda taken up towards having a fully insured India, "This means now the life insurance companies can also launch these products without prior approval of Irdai," it said in a press release.
Earlier, it was made mandatory for the insurance companies to take prior approval before launching any life insurance product when the industry was in the nascent stage.
With the industry attaining maturity, it is envisaged that necessary relaxations may be allowed, IRDAI added.
"This move will enable life Insurers to launch most of the products (except individual savings, individual pensions and annuity) in a timely manner according to the dynamic needs of the market," the press statement said.
The IRDAI believes the relaxation will result in improving ease of doing business for insurers and also lead to expansion of the choices available to policyholders.
"The life insurance industry is expected to use this opportunity to respond faster to the emerging market needs, in terms of designing and pricing of insurance products resulting in more choices for the policyholders, which will further help in increasing the insurance penetration in India," it said.
The life insurers are expected to have a board-approved product management and pricing policy, the IRDAI said.
