Irda issues stringent guidelines for Ulips

Taking extra caution, insurance regulator, Insurance Regulatory & Development Authority (Irda) based upon the insurance related data as of year ending March 31,2010 and related discussions, has issued clarifications on guidelines on unit linked products (Ulips). All life insurers are advised that only the Ulips which conform to these revised guidelines shall be permitted to offer sale from July 1, said circular issued all CEOs of the life insurance companies on Monday. Irda has reiterated that in case of individual products, the minimum policy term shall be five years and group products will continue to be on annually renewable basis. ...

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