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.
Wednesday, May 5, 2010
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