The Insurance Regulatory and Development Authority (Irda) has announced an overnight ban on all universal life insurance plans (ULPs). The regulator has told insurance companies that all current universal life plans will cease to exist from October 22.
Tag: IRDA
How has business been in September after the regulatory changes were introduced?
Business has been a bit slow in September. But it was expected. ULIPs were withdrawn. New ULIPs were introduced. It takes about two weeks to train, explain the features and changes to the agents and distributors. For us, even pre-September, there was not much spike. We grew at a normal pace only. We did not sell our policies to people saying that unit-linked policies will not be available before September. We have introduced two ULIPs post-September. Each of them has a regular premium and a single premium option.
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Sixty ULIPs filed with IRDA for approval
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Policies valid despite withdrawal of agency licences: IRDA
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IRDA to regulate telemarketing of insurance
The Insurance Regulatory and Development Authority (Irda) has now proposed to streamline the promotion of insurance products through distance sales channels, such as the telephone and the internet.