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Oct 29, 2014
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IRDA moves to reform Ulip to stem mis-selling and meet needs of users
The insurance regulator is tightening the rules for Unit Linked Insurance Plans (Ulips) further as it indicated recently when it prevailed over an insurer to keep the component of investment option of debt or equity throughout the lifetime of the product instead of a specified period and asked another company to guarantee capital on its Ulips.The Insurance Regulatory and Development Authority (IRDA) had earlier advised that life insurance products be designed with a saving element such that at a uniform assumed gross yield of 4% per annum, the expected maturity in linked insurance products, is at least 90% of the total premium paid excluding the service tax.
Source -
http://economictimes.indiatimes.com
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