Ulips to be simplified, standardised

After a long delay, the controversial Unit Linked Insurance Plans (Ulips) known for their complex charge structures, names and jargon, are set to come under common standards. The Life Insurance Council (a self-regulatory body of 22 life insurance companies) has decided to standardise the formula to calculate charges linked to Ulips and also make uniform the nomenclature of charges, to enable customers to make easier comparisons between policies and plans.

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