The new guidelines issued by the Insurance Regulatory and Development Authority (IRDA) allow private sector life insurers, like HDFC Standard Life, ICICI Prudential and SBI Life, to tap the capital market for funds.The guidelines say life insurance companies, which have been in business for over 10 years, would be eligible to come out with Initial Public Offerings. Besides, the promoters of the insurance companies would be permitted to offload their stake in the company.The size of the public issue by life insurance companies, however, will be decided by the IRDA. IRDA, would prescribe a lock-in period for the promoters to prevent them from exiting the company.