IRDA ULIP GUIDELINES 2010 PDF

When an investor purchases units in a ULIP , he or she is purchasing units along with a larger number of investors, just like an investor would purchase units in a mutual fund. What are the ULIP guidelines? Lock in for Five Years and Premium Payment Term: Minimum lock-in period and term is 5 years, excluding single premium policies. Increase in Minimum Sum Assured: The minimum sum assured multiple is 10 times for age at entry below 45 years and 7 times for age at entry above 45 years. Sum Assured cannot be less than percent of total premium paid including top ups. Net Reduction in Yield for Every Year from Year 5: The guideline states the impact of charges on the investment over the period of 5 years.

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The following provisions of the said Guidelines are reiterated: 1. Minimum policy term: The minimum policy term shall be five years in the case of individual products and group products shall continue to be on annually renewable basis. In case of unit linked products providing health insurance cover, the provision of death benefit is not mandatory. In further clarification on partial withdrawals, the paras 7. However the insured will have the option to commute up to a maximum of one-third of the accumulated value as lump sum at the time of maturity.

In the case of surrender, only up to a maximum of one-third of the surrender value could be availed in lump sum and the remaining amount must be used to purchase an annuity. However, top ups are not allowed during the last three years of the contract.

All other terms and conditions of the above said Circular and clarifications will continue in force. The above modifications will come into effect from 1st July All life insurers are advised that only the Unit Linked Insurance Products which conform to these revised guidelines shall be permitted to be offered for sale from 1st July

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The following provisions of the said Guidelines are reiterated: 1. Minimum policy term: The minimum policy term shall be five years in the case of individual products and group products shall continue to be on annually renewable basis. In case of unit linked products providing health insurance cover, the provision of death benefit is not mandatory. In further clarification on partial withdrawals, the paras 7. However the insured will have the option to commute up to a maximum of one-third of the accumulated value as lump sum at the time of maturity. In the case of surrender, only up to a maximum of one-third of the surrender value could be availed in lump sum and the remaining amount must be used to purchase an annuity. However, top ups are not allowed during the last three years of the contract.

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Unit Linked Products

Voodoobei The issues were then presented to and discussed with the members of the Insurance Advisory Committee as well as the members of the Board of the Authority. As a result, if one exited early, or even after 5 to 7 years, they would rarely get back even the amount which they have invested. So in the near term you might see very few ULIP pension offerings from insurance companies. IRDA set up an exclusive Consumer Affairs Department that focuses on consumer related issues and initiatives including grievance redressal and consumer education through Insurance Awareness Campaigns.

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