The Insurance Regulatory and Development Authority of India (IRDA) has banned unit-linked insurance plans (ULIPs) in which charges are based on a complex structure, making it difficult for policyholders to comprehend.
Such products in insurance parlance are called acturial-funded products. The ban would require Aviva Life Insurance to withdraw all its 14 ULIP products, while Bajaj Allianz one of its ULIPs called Capital Unit Gain
BAN ON 'ULIP'.....!
Last updated: 19 August 2007
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