New product regulations issued by the Insurance Regulatory and Development Authority of India became effective on 1 April 2024. Following this, a Master Circular was issued in June 2024 providing a detailed elaboration of the regulatory requirements. Insurers have until 30 September 2024 to modify their existing products to comply with the new regulations. This e-Alert summarises some of the key changes brought about by the new regulations and Master Circular, and discusses their potential impact on the life insurance sector. We discuss the following: 

• Non-linked products 
• Variable payout annuities
• Additional observations