IRDA has won its battle with the market regulator Sebi, over ULIPs or the unit linked investment plans. The insurance regulator is in for another battle, this time with the pension regulator. PFRDA or the Pension Fund Regulatory and Development Authority believe that all pension plans of insurers should logically come under the pension regulator’s purview.

As of now, there are more than fifty two pension products under various insurers. Life insurance companys also offer pension products. Jeeven Dhara and Jeevan Needhi are famous pension schemes offered by the LIC. Other private insurers also have several such products which they have launched over a period of several years of time.

Life insurance companies had gathered in the tune of one lac thirteen thousand crores of rupees from Pension. Group fund and General annuity as recorded on the 31st of March 2009. This amount is big enough to launch the war against IRDA.

Yogesh Agarwal, PFRDA chairman, told The Indian Express, that the pension plans of life insurers should be given to PFRDA to purview. He never showed any urgency to bring up the issue. According to IRDA source, IRDA is aware of the hybrid nature of pension products. This issue needs action, taken by the joint committee, headed by the Union Finance Minister.

Under the present situation IRDA is not keen to give up its regulatory supervision over the pension products, which are launched by insurers. According to a senior official of IRDA, as Life Insurance companies are under the eyes of IRDA, all products launched by the companies should also be overseen by IRDA.

Pension is one of the most promising areas of life insurance companies as they get huge number of policies in this section. According to Rajesh Sud, Chief Executive Officer of Max New York Life Insurance Company, as the companies in India manage and generate wealth for long- term, pension should be done by them