Insurers welcome Irda move on life cover

The insurers are planning to make suitable changes in their existing products to comply with the latest norms issued by the Insurance Regulatory & Development Authority(Irda)on Monday. K****ij Jain, MD & CEO, ING Vysya, said the company will have to rejig quite a few out of the nine Ulip products the company has. In fact, the new guidelines will help customers know that unlike mutual fund, Ulips are meant for long-term duration. The Irda move will bring more life cover to the pension products, which is a welcome move. In this way, it will also help resolve ongoing Sebi-Irda spat ...

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