IRDA issues new Ulip norms

The Insurance Regulatory Authority of India (IRDA) today issued the new guidelines for unit linked insurance plans (Ulips), with effect from September 1, 2010.

The regulator increased the lock-in period for such products from the existing three years to five years.

According to the new guidelines, all Ulips other than pension and annuity products should provide a minium mortality cover or health cover.