With new product guidelines in place, as issued by IRDAI on 8 July, 2019, Bajaj Allianz Life has planned to withdraw some of its products by 30 November, 2019. Furthermore, the company has decided to modify and enhance several of its products to be in line with the new guidelines provided by the regulator. Bajaj Allianz Life said, Product Regulations 2019 will lead to withdrawal of some of products and will be closed for sale by 30 November, 2019 , and reintroduced later.In line with the new product regulations, Bajaj Allianz Life will also withdraw and re-launch around 48 of its key products so that they are in line with the product guidelines.
The new IRDAI product guidelines (8 July, 2019) have been introduced to make the products more transparent. The company has said that the guidelines will help in greater transparency and that it has been in the fore-front of updating customers about their policies by providing information on fund performance statements with them on a monthly basis, provide an update on their premium payments, apart from showcasing all details on the customer portal. To reiterate, we believe providing more information to customers about their policies will benefit everyone in the eco-system and help us make life insurance products a pull-product.
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