Insurers reduce dependence on Ulips after Irda’s new norms shrink margins.
After the rules of life insurance were rewritten, insurers have changed their business models. Unit-linked insurance plans (Ulips), after a long innings in the life insurance industry, have lost the match to traditional products.
Insurers altered the product mix after September when the Insurance Regulatory and Development Authority of India introduced a host of guidelines on Ulips, shrinking margins. They are now selling more traditional products – which include term plans, money-back, endowment and pension plans — than Ulips.
For more on this, read Business Standard
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