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Policy holders of Unit Linked Insurance Plans (ULIPs), who wish to pre-maturely withdraw, can now be glad as their investment will soon have some protection. The Insurance Regulatory and Development Authority (IRDA) are planning to limit cut in yield from the 6th year (of the policy) beyond, according to reliable sources.
Limitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed question of fact and law. It has consistently been held that for insurance disputes, the cause of action starts from the date of rejection of the claim.
The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and IRDA to regulate the ULIP schemes.
After winning the turf war with market watchdog Sebi on ULIPs, insurance regulator Irda on Monday said it would frame new guidelines for these products to make them more attractive for policy holders. “Certainly, yes,” Insurance Regulatory and Development Authority chairman J Hari Narayan told PTI when asked whether the insurance regulator would unveil new guidelines for unit-linked insurance policies to make them attractive for investors.
The Centre has amended as many as four laws to take the controversial unit-linked insurance plans (ULIPs) out of an ugly courtroom spat between the stock market regulator and the insurance regulator.And now, the Insurance Regulatory and Development Authority (IRDA) appears set to overhaul ULIP guidelines, industry sources said on Sunday.
As the row over investment-cum-insurance product came to an end, life insurers got another big relief on pension plans, which now would come with minimum guarantee. Recently, the Insurance Regulatory and Development Authority (IRDA) had proposed a mandatory life cover with pension products, which had created an uproar in the industry.
Mediclaim policyholders, who are not satisfied with the service of their existing service providers, will be able to switch to another insurer soon without any change in the premium outgo.However, this facility will be available to those policyholders who are insured for a sum of Rs 1 lakh and above, to begin with.
After winning the turf war with market watchdog SEBI on ULIPs, insurance regulator IRDA on Monday said it would frame new guidelines for these products to make them more attractive for policy holders. “Certainly, yes,” Insurance Regulatory and Development Authority (IRDA ) chairman J Hari Narayan said when asked whether the insurance regulator would unveil new guidelines for ULIPs to make them attractive for investors.
The President of India has promulgated an Ordinance late last evening amending the RBI Act 1934, Insurance Act 1938, SEBI Act 1992 and Securities Contract Regulations Act 1956, thereby clarifying by way of an explanation that Life Insurance business shall include any Unit Linked Insurance Policy or scripts or any such instruments. This would set at rest all the issues regarding ULIPs between two financial regulators i.e. Securities Exchange Board of India (SEBI) and Insurance Regulatory Development Authority (IRDA).
In the insurance sector, like in any other financial service sector, keeping the vulnerable public protected from unfair practices is of utmost importance. Unfair practices could arise in a scenario of increasing number of insurers, intermediaries and insurance products and severe competition for business.
