IRDAI Panel suggests Introduction of ILIP

Current Context: The panel constituted by the Insurance Regulatory and Development Authority of India (IRDAI) has provided a recommendation to introduce Index-Linked Insurance Policies (ILIP).

• The committee for the same was headed by Dinesh Pant.
• The working group committee examined the need for ILIP in India.
• Thus after the introduction of ILIP, a new product will be added to the other two insurance categories namely, Unit Linked Insurance Plan (ULIP) and Traditional Plans.
• The returns from ILIP will be linked to benchmark indices.
• ILIP plan will be suggested as a pension plan product.
• It will be a complementary or an alternative option to the conventional guaranteed products which are currently available like annuities, saving products or ULIPs.
• Static Part: 
• About ILIP: It provides a lock-in period of 5 years. The ILIPs are the life insurance policies as mentioned under Section 10(10D) and taxability of the Insurance Policy Act
• HQ of IRDAI: Hyderabad, Telangana
• Chairman of IRDAI: Subhash Chandra Khuntia

Question: 

Q.1 Which organisation has provided the recommendation to introduce Index-Linked Insurance Policies (ILIP)?
a. SEBI
b. PFRDA
c. RBI
d. IRDAI