“Even if there is no life cover in the annuity product there is a longevity risk, which can only be managed by the insurance companies and hence there is no violation,” IRDA Member (Actuary) R Kannan, told PTI here.

Annuity product is an insurance product that features a predetermined periodic payout amount until the death of the annuitant. “These products issued by life insurance companies are well within the ambit of Section 211 of Insurance Act,” Kannan said.