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IRDAI has clarified that the life insurance companies will have to declare quarterly NAV of ULIPs on the last day of each quarter, even if it falls on a non-business day.
In a circular, IRDAI said, “It is clarified that life insurers can declare NAV on last day of each quarter, even if it is a non-business day, to sync the published NAV of a quarter end non-business day with the NAV as per the financials of ULIP funds on that day.”
Currently, as a market practice, most life insurers declare their NAV on a daily basis to make it competitive to MFs.
