The "Master Circular on Life Insurance Products," dated June 12, 2024, provides guidance to all life insurers under the Insurance Act, 1938, and IRDA Act, 1999. It outlines regulations and processes for life insurance products, including product governance, pricing, approval, and customer information. Insurers must ensure product compliance by September 30, 2024, and submit compliance statements to IRDAI by October 15, 2024. The circular also mandates customer-centric practices, like offering flexible product choices, providing a Customer Information Sheet (CIS) with policy details, and ensuring robust grievance redressal mechanisms. Annual reviews of the circular are required.