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Panel on annuity products constituted
NEW DELHI: The Insurance Regulatory and Development Authority (IRDA) has constituted a group to advise it on introducing new annuity products which will have exposure to stock markets and give variable income.
Annuity is a product in which a subscriber invests a lumpsum amount and gets returns on regular interval.
At present, annuity provides fixed income at regular intervals, but the proposed new products could provide variable incomes to subscribers. “The group is requested to examine the current status of annuity products and what steps are needed to strengthen the same,” IRDA said in a statement. — PTI
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