In order to meet the emerging needs of prospective insurance policyholders, this circular specifies certain elements which shall be incorporated in all ULIPs which may be offered for sale to the public commencing from September 1, 2010.
Some of the elements shall given below include in new policies which to be floated w.e.f. September 1, 2010.
1. The three year lock-in period for all Unit Linked Products will be increased to a period of five years
1. The three year lock-in period for all Unit Linked Products will be increased to a period of five years
2. All regular premium / limited premium ULIPs shall have uniform / level paying premiums. Any additional payments shall be treated as single premium for the purpose of insurance cover.
3. All limited premium unit linked insurance products, other than single premium products, shall have premium paying term of at least 5 years.
4. The insurers shall distribute the overall charges, in ULIPs in an even fashion during the lock-in period.
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