IRDA added products for point of sales person

By | March 17, 2016
(Last Updated On: March 17, 2016)


CIRCULAR NO.IRDA/INT/GDL/ORD/047/03/2016, DATED 11-3-2016

Your attention is drawn to the Guidelines on Point of Sales Person for Non-life and Health Insurers issued vide No.IRDA/lnf/GDL/ORD/183/10/2015 dated 26th October, 2015.

Vide the above guidelines, the Authority has introduced the concept of Point of Sales Persons to solicit and market pre-underwritten insurance products. The guidelines also provide for any other policy that may be specifically approved by the Authority.

There are requests made to the Authority by some of the insurers and insurance brokers to expand the range of products to include crop insurance and health insurance as they are largely pre-underwritten and are standard products.

After examining the requests, it is decided to include the following additional products under the power vested with it under clause 1(f) of Para V of the Guidelines to be solicited and marketed through Point of Sales Persons by non-life and health insurers.

(1)Crop insurance with a sum insured limit of Rs.1 lakh per acre for all kinds of crops;
(2)Hospital cash policy where a fixed benefit in the form of cash for every day of hospitalization with a limit of Rs.1 lakh per individual;
(3)Critical illness policy which covers 8-9 critical illness with the maximum sum insured limit of Rs. 3 lakhs per individual;

The insurers who are willing to solicit and market the above range of products through Point of Sales Persons may file their products to the Authority under file and use guidelines as prescribed under clause 3 of Para V of the Guidelines on Point of Sales Person – Non-life & Health Insurers.

The above addition of products to the Guidelines is effective from the date of issuance of this circular.


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