The Insurance Regulatory and Development Authority (Irda) has withdrawn mortality charges from the overall cap on the charges levied by unit-linked insurance plans. The regulator also asked life insurers not to levy any charge on customers if they surrender their policies from the fifth year a move that will put more money in the hands of the investor. While the move will benefit people who wish to take higher life cover in case of Ulips, it could give insurance companies the leeway to increase administration charges. Mortality and morbidity charges may be excluded in the calculation of the net yield, ...

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