शनिवार, 28 अगस्त 2010

IRDA NEW REGULATIONS FOR ULIP


1.IRDA make new rules for Unit-Linked Insurance Plans (ULIPs) coming into effect from September 1, 2010.
2. IRDA try to make ULIPs more investor friendly, the insurance regulator has directed the insurance conpanies to reduce charges and consequently improve return for policyholders.
3.IRDA also attempted to distinguish ULIPs from mutual funds by forcing insurance conpanies to incorporate life cover that is at least 10 times the premium.
4.To sustain the lower charges, insurance conpanies have been forced to halve commissions and cut expenses.
5. the insurers cannot be modified existing products to make them compliant.
6. All insurance conpanies have been asked to file completely new products with fresh unique product identification number from IRDA.
7.The regulations seek not only to redesign the product but also change the operational model as the existing cost structures .
8. so next month you see newly designed ULIP’s but I think market is up and investor always avoid ULIP’s as investments tools

key words;-ULIP NEW PLANS IRDA RULE
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