Wednesday, May 5, 2010

IRDA issues guidelines on ULIPs......

The Insurance Regulatory and Development Authority (IRDA) has issued guidelines on unit-linked insurance products (ULIP).

• The minimum policy term for ULIPs is to be five years.

• All ULIPs are expected to have an insurance cover payable on death.

• The pension/annuity products must have insurance cover.

• No loans are to be granted under ULIPs.

• A partial withdrawal in ULIPs will be allowed only after the fifth year of policy. However, there will be no partial withdrawal for pension/annuity products.

• These guidelines are to apply to all ULIPs from July 1, 2010.

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