New guidelines for unit-linked insurance plans (Ulips) and traditional life insurance policies will come into effect from February 1.
The Insurance Regulatory and Development Authority of India, (IRDAI), has instructed insurers to make changes in Ulips and traditional life insurance policies. Some of these changes include: Time period within which a policy can be revived has been increased from two to three years; the sum assured for buying Ulips reduced from ten to seven times the prem ..