Pilot-Products, can be offered, Only by General-Insurers and Health-Insurers, for Policy-Tenure of 1 Year. Every Pilot-Product may be offered Up To a Period, Not Exceeding 5 Years. After 5 Years of Launch of the Pilot-Product, the Product needs to get converted into a Regular Product, or Based on Valid Reasons, may be Withdrawn
Pilot Products are launched with a View to Giving a Scope to Innovation, for Covering the Risks, that Have Not Been Offered Hitherto or Stand-Excluded in the Extant-Products
Lifelong renewability was introduced by few insurers. Now, this has been made compulsory by IRDAI for all policies.
Cost of pre policy check up - mandated by IRDAI that insurer would bear at least 50% of health checkup expenses.
Preferred provider network (PPN) - An insurer has the option to create a preferred network of hospitals to ensure quality treatment and at best rates
MODELEXAM® 
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