SBI Life Insurance is set to relaunch nearly ten policies by 1 January 2014 as the company aims to make its plans more customer friendly, in line with the regulatory requirements.
Commenting on the plans, SBI Life Insurance managing director Atanu Sen was quoted by PTI as saying, "We have some approval from the regulator IRDA. I think we would relaunch about 10 products."
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The Insurance Regulatory and Development Authority (IRDA) had extended the time limit for implementation of latest individual product guidelines for life insurance sector by three months to 31 December 2013.
According to IRDA, all the present group plans as well as the individual products that are not in line with the provisions of the new regulations shall be withdrawn from 1 August 2013 and 1 January 2014, respectively.
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