Industry will have to review product portfolio: Max Life Moneycontrol.com
Q: You are in the camp that believes that this is a step in the right direction but you do believe that you would require more time to comply with these guidelines, are you suggesting that you would need more than September 1, which is when these guidelines become effective?
A: We welcome the change from the point of view of setting the right direction overall for life insurance products which we have always maintained are long-term instruments of protection and certainly saving. In some sense it is a direction that we talk about is in line with what the regulatory changes are now bringing about. As far as implementation is a concerned, this is a fairly aggressive schedule.
We must recognize the size of the industry, the dispersion of the industry and also the fact that we just went through a rather large change in the united-linked product from January 1 and at that point of time also about four months of time has been given to comply and there are fast track approval processes are put in place.
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