Fema / RBI : Discover top investment options and tax-saving schemes for NRIs returning to India, including FDs, NPS, equity, real estate, mutua...
Income Tax : Explore the taxation of ULIP and LIC maturities under the Income Tax Act in India. Learn about capital gains, computation, and tax...
Income Tax : Through a comprehensive exploration of ULIP & LIC taxation under the Income Tax Act, readers will gain valuable insights into opti...
Finance : Discover the benefits of ULIP as an investment plan for singles. Learn how it combines insurance and investing to help you achieve...
Income Tax : Explore the best tax-saving investment options in India, including PPF, NPS, ULIPs, ELSS, and Tax Saving Fixed Deposits. Learn how...
Corporate Law : IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interli...
Finance : Life Insurance Corporation of India today launched 'Samridhi Plus' under its unit linked portfolio offering insurance protection, ...
Income Tax : The Life Insurance Corporation of India has made a strong case for continuing tax breaks on life insurance policies bought with an...
Finance : Union Finance Minister, Shri Pranab Mukherjee has asked the insurance companies to create awareness among the poor and vulnerable ...
Income Tax : Under the DTC Bill, the annual deduction has been raised to Rs. 1.5 lakh. From the bill It appears that investments in PPF, PF, N...
Income Tax : Explore a detailed analysis of ITAT Delhi ruling on Subhash Tandon Vs ITO, which sheds light on taxability of ULIP redemption as c...
Corporate Law : IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interli...
Corporate Law : CIRCULAR NO. IRDA/ACTL/ULIP/124(2)/10/2010, DATED 27-10-2010 This has reference to the following circulars & regulation issued...
Corporate Law : The Insurance Regulatory and Development Authority (Irda) has suspended sale of universal life policies, which were being promoted...
Corporate Law : Life Insurance Corporation of India has introduced its ULIP plan under the new IRDA regime, following the launch of its Pension Pl...
Corporate Law : The new rules of the Insurance Regulatory and Development Authority (Irda) take effect from September 1. Ulips, which contributed ...
The regulator, IRDA has no plans to cap charges on traditional products and also assures on approving new ULIPS on time. The Insurance Regulatory and Development Authority (IRDA) has said it has no plans to cap the charges levied by life insurance companies on traditional products. The regulator also assured it would approve new unit-linked insurance plans (Ulips) on time so that insurers could sell them from September 1 onwards.
Attention is invited to Regulation 2 (d) of IRDA (Insurance Advertisements and Disclosures) Regulations, 2000 & Part – IV of Guidelines for Unit Linked Life Insurance Products issued vide Circular 032/IRDA/ACTL/Dec-2005 dated December 21, 2005 with regard to insurance advertisements .
The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years.
All Unit Linked Products to Offer Minimum Return to Policyholders from 6th Year Onward Unit Linked Pension Products to Ensure Minimum Guaranteed Return on Maturity Locking Period Increased From Three to Five Years The Insurance Regulatory & Development Authority (IRDA) has informed that recently they have issued the following circulars for the benefit of the […]
The Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) disregarded the Finance Minister’s suggestion to “jointly seek a binding legal mandate from an appropriate High Court” on which body had jurisdiction over Unit Linked Insurance Plans (ULIPs). That is why the Government had to issue an Ordinance on the ULIPs issue. This was stated by the Finance Minister, Mr Pranab Mukherjee, in the Lok Sabha on Monday.
Insurance regulator Irda on Monday said Ulip-holders will have to pay up to Rs 6,000 if they want to discontinue a policy within the first four years. The Irda (treatment of discontinued linked insurance policies) regulation, 2010, released by the sectoral watchdog today, said the charges for discontinuation of Ulips will range from Rs 1,000 to Rs 6000, depending on the premium paid by the policyholder.
The government will bring a bill in the monsoon session to seek Parliament’s sanction for the ordinance it issued to end the dispute between Irda and Sebi over regulation of unit-linked plans, or Ulips, of insurance companies. “The ordinance was approved at the highest level by the Cabinet and we are preparing to introduce the bill,” said a senior finance ministry official.
The controversy surrounding the regulation of unit-linked insurance policies (Ulips) has failed to deter investors from holding on to their products or even getting new ones. At least the service tax collections from the product during April-May this fiscal bears testimony to the Ulip’s undeniable popularity. Service tax collections during the April-May is almost double the amount realised during the same period last year.
The recent changes made to unit-linked insurance plans are going to pinch the agents that sell these insurance products the most.With the new cap on the charge during the term of the policy, agents are set to see a significant 500-600 basis points fall in commissions.
Introduction:IRDA has, from time to time, taken various initiatives for protecting the interests of policyholders by bringing out Regulations, Guidelines, Circulars etc applicable to insurers and intermediaries covering the various stages in the lifecycle of an insurance product, commencing from solicitation, sale, policy servicing, to claims servicing and grievance redressal.
