IRDA offer more flexibility to ULIPsIRDA offers more flexibility to unit-linked products, relaxing the norm of keeping a minimum sum assured for the policy duration.
Apnainsurance.com Research Bureau
29 Apr 2008
Life insurance companies are looking at giving more flexibility to the customers after Insurance Regulatory Development Authority (IRDA) delinked the minimum sum assured for the policy duration.
Earlier, in a non-single product, the minimum sum assured had to be higher than five times of annual premium or 0.5x of policy x annual premium. Now after delinking minimum sum assured from the policy duration, the minimum assured can be 5 times the annual premium.