IRDA ISSUES NEW NORMS FOR ULIP INSURANCE COMPANIES
62Unit linked investment plan (ULIP) is the insurance which gives risk protection as well as benefits of investment. In a ULIP plan the invested amount of all policy holder are pooled and invested in the capital market, and the return will be benefited by the policy holder.
INSURANCE+MUTUAL FUNDS=ULIP PLAN
New Norms for the ULIP Plans
1-Insurance benefit on ULIP: -the unit linked insurance companies must provide the minimum insurance benefit to the policy holder in case of his/her death. This is the new norm issued by IRDA to all the insurance providing companies. However, this minimum insurance benefit will not be mandatory in case the unit linked products providing mediclaim/health insurance.
2- ULIP policy holder can not take the loan from any source on ULIP Policy. No loan will be issued on ULIP policies.
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3- The minimum term for the ULIP policies will be five years. IRDA has clarified that the minimum term for individual policies will be 5 years whereas group policies will be renewed every year.
4- IRDA also issued new norms for partial payment. Now no unit product holder can withdraw funds before the term of five years except pension or annuity products on which the withdrawal only be allowed on maturity.
5- Top up premium amount will be locked for the term of three years after which only it can be withdrawn. Also no top up will be allowed if the ULIP plans have the maturity period of three years or less than three years.
6- These rules will be applicable from 1st of July 2010.
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