Changes to ULIPs that should make you smile

Just under two weeks ago, the ministry of finance had placed the ball in the Insurance Regulatory Development Authority’s (IRDA’s) hand, making IRDA the sole regulator for unit linked insurance plans (ULIPs).

In a circular issued on June 28, 2010, the regulator notified a number of changes to the structure and framework of ULIPs that are generally beneficial to customers, but with some caution.

These changes, that will be effective in all ULIP sales from September 1 this year, aim to address the issues that were being highlighted by critics and customers alike.

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