Irda likely to announce new Ulip norms this week

Post-promulgation of the Ordinance which clearly authorised Irda to regulate unit-linked insurance plans (Ulips), insurance regulator is planning to announce a slew of measures this week to expand the risk profile of the the product. Speaking to FE, J Hari Narayana, chairman, Irda said We will be announcing more measures this week. We are also reviewing whether life insurers need to be given more time to modify Ulips in line with new norms. Earlier Irda had issued norms depicting new features to be added to the Ulips and asked the life insurers to modify their Ulip portfolio by July 1. ...

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