Guidelines On Applications For Approval Of New And Repackaged Life Insurance Products

All universal life insurance policies shall therefore state the following:   1. The minimum annual interest rate guaranteed under the policy   2.        A table showing maximum guaranteed mortality charges by age.  3.        Maximum guaranteed expense charges.  4.        A description of how the interest credits are determined.  5.        If the policy allows the owner to change the basic coverage, then any limitation on the amount or timing of the change must be explicitly stated in the policy.  6.        If the policy allows the owner to increase the sum assured, then the policy must state whether a new contestable and/or suicide exclusion period will apply to the additional coverage.  7.        Any surrender or partial withdrawal charges must be stated.  8.        A description of the insurerís investment policy for the assets supporting the products. 

Procedures to Follow

Not Avaiable

Responsible Institution

National Insurance Commission


Relevant Forms to Download

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Fees & Charges

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