![RSS[Blog]](http://savingwala.com/wp-content/themes/infomag/images/rss.png)
Categories
- Banks
- BSE Sensex
- Gold ETF
- Government
- Guaranteed
- Indian Postoffice Savings
- Insurance
- Life Insurance
- News
- Pension
- Tax savings
Recent Posts
- ATTENTION ALL LIC POLICY HOLDERS
- LIC India increases bonus
- PNB agrees to pick 30% in MetLife India
- Guaranteed Return Plans
- Income Tax Return Online – Save Time
- Why Fixed Deposits are not good for your child
- Gold ETF turnover nears Rs 500 cr on Akshaya Tritiya
- Health Insurance for Government Employees
- Life insurance premium may come down soon
- Issue of Postal Life Insurance Government of India Special Security
- Insurance Scheme for Teachers
- Fixed Deposit rates may Decline in Coming Weeks
- IRDA limits scope of selling Ulips Over phone by distance insurance marketers
- Tax-saving traps to avoid
- Samvardhan – Pension Scheme for LIC agents
- Samridhi Plus – LIC of India – Samridhi Plus Unit Link Plan
- JEEVAN SAMRIDDHI – Money Back Plan
- Life insurers want tax exemption limit increased
- LIC pays Rs. 1030 crore dividend to Govt for FY10
- Warnings and Penalties – Max Newyork Life Insurance Co
- LIC BIMA Account 1
- LIC of India, IRDA and Tax-free Infrastructure Bonds
- How much tax do infra bonds really save?
- Long term infrastructure bonds – IDFC Infrastructure Bond-Series ll
- Central Government Employees Group Insurance Scheme (CGEGIS): Ministry of Finance
financial advisor for small saving
IRDA limits scope of selling Ulips Over phone by distance insurance marketers
News
Distance insurance marketers will not be allowed to sell non-single premium Ulips with annualised premiums of over 50,000 per year and single premium Ulips with premiums above 1 lakh per year, over telephone – voice as well as SMS. They will also not be able to sell any variable insurance product through such modes.
Irda has asked insurers to prepare a standard script for presentation of benefits, features and disclosures of insurance policies they sell over the distance marketing mode. It needs to be filed with and cleared by the regulator, before they start soliciting for such covers.
Insurers will also have to disclose the rate of commission available on the product in case the client asks for it.
A set of regulation released by the Insurance Regulatory & Development Authority on Wednesday stipulates that insurance policies sold by marketers through any means of communication other than in person will have to adhere to these rules. These will be effective from October 1.
Reliance Life Insurance president Moloy Ghosh said: “Off late, there has been a number of complaints that policies are being sold on false promises. Such guidelines were required. It will now reduce such incidents.”
“In all instances where a policy is issued without obtaining a proposal in physical form, insurers shall forward a verbal transcript of the voice/electronic record of the queries raised and answers thereto on the basis of which the policy has been underwritten, along with the policy bond,” the Irda rule stipulates.
No Responses to “IRDA limits scope of selling Ulips Over phone by distance insurance marketers”
No comments yet