Insurers selling ULIP are following norms- IRDAIRDA has recently undertaken a special audit of insurance companies such as Bajaj Allianz Life Insurance, SBI Life etc. selling ULIPs.
Apnainsurance.com Research Bureau
20 Jun 2008
Insurance Regulatory and development Authority of India (IRDA) has recently undertaken a special audit of insurance companies selling unit -linked insurance plans (ULIP).
Under audit IRDA inspected the sample brochures of insurance companies to check weather they are adhering to the norms of IRDA. According to the audit the insurance companies are following the norms specified by IRDA.
According to the audit, companies are following the norms specified by the IRDA to provide transparency to investors. They have not found any discrepancies in their functioning.
IRA has audited Bajaj Allianz Life Insurance, SBI Life, ICICI Prudential Life, HDFC Standard Life and Tata AIG Life.