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| CFP
News : |
7 Nov 2009
IRDA plans to introduce variable annuity products, forms panel |
Date: 07.11.2009 |
Insurance sector regulator, IRDA is planning to introduce variable annuity products and hence formed a committee to study In India. It plans to introduce variable annuity products as there is a tremendous scope for these products," Insurance Regulatory Authority of India (IRDA) said in a circular.
Given the population growth and the need for a proper pension system, the annuity business has tremendous potential in India, IRDA said.
"Internationally, countries are moving towards variable annuity products which give a lot of flexibility to insurersin offering products to meet customers demand and at the same time address all consumer related issues," IRDA said.
With a view to examine the current status of the annuity products and the steps needed to strengthen the same, the regulator has formed a six-member committee.
Source:Economic Times |
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