Insurance Regulatory and Development Authority (IRDA) seems to be troubled by the complexity of insurance products. The regulator recently served a notice to phase out actuarial-funded ULIP (Unit-Linked Insurance Plan) products.
The bigger question is whether an average buyer of an insurance policy understands the cost structures of ULIPs floating in the market. Can a prospective policy buyer today say with conviction that ULIP ‘A’ is cheaper than ULIP ‘B’? Not really.
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Friday, September 7, 2007
ULIPS: Decoding the magic and the myth
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