Irda issues norms for universal life insurance products

The Insurance Regulatory and Development Authority (Irda) has issued guidelines for universal life products or variable insurance products (VIPs). In a note to CEOs of all life insurance companies, Irda said all VIPs will only be offered under the non-unit linked platform. VIPs are to be defined as non-linked life insurance products that provide a death benefit equal to the guaranteed sum assured, together with the balance in the policy account, Irda said. Besides, every policy shall have a corresponding policy account whose balance shall depict the accrual to the policyholder. The policy account shall be credited with premium net ...

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